Facebook has permitted its messaging service’s users to disburse funds from one account to another.
Facebook has recently introduced a new update. A payment option has been launched for the company’s Messenger users in the United States of America, reports Facebook news. The company’s head of messaging products, David Marcus, has stated that from now onwards, users can make payments to people by adding their debit card through the application in just a few clicks. The funds would be disbursed from the payer’s account to the recipient’s account. The network’s messaging application is required to employ the user-friendly service.
Facebook news today informed that after providing one’s debit card details, he or she can pay to a Facebook Messenger friend by clicking on the $ symbol within the conversation. Then the desired amount is entered to allocate towards a friend and acknowledge the transaction. The receiver of the money accepts the payment by accessing the friend’s message and confirming.
The company has claimed that the transaction may be processed in three days depending on the bank that one employs. Debit cards are only used to pay through the network’s communication application because they can help minimize fraud and extra fees. For instance, mobile payment service, Venmo, deducts a 3% fee on each transaction for employing a credit card.
Facebook breaking news affirmed that the option was initially launched in the New York City and its surrounding areas. About 30 days ago, the company introduced the ability to disburse funds within group chats. Market experts are of the view that the payment feature is useful if one wants to repay a friend that sponsored concert and movie tickets.
Company sources stated that the update was initially introduced on city-to-city basis in March. The social media giant suggests that the funds would be paid in a secure environment, which is independently examined and strictly controlled. It has employed a team of anti-fraud experts to monitor suspicious activities.
The networking enterprise is not new to the financial world, as it has been handling transactions for promoters and game players since 2007. It is probable that Facebook’s initiative would lure a significant number of networkers. Industry experts believe that the financial service would help to improve the reputation of the company and claims that its management should now take steps to promote the latest update to appease it users.
The social network is famous for its innovations and features. The addition of payment option will allow it to enter a market of online transfers via secure medium.