Facebook Messenger Will Allow You to Send Money to Your Friends

Facebook will soon allow users to transfer money to their friends using its mobile messaging app, Facebook Messenger.
With the uncertain future of the Bitcoin hanging in the air, social media businesses like Facebook are opting for the obtainable by allowing users to transfer real money to each other with the simple tap of a button.

The app will require your Debit or Visa card details to be entered on first usage, which then can be automatically accessed by a pin you create with Facebook. Apple users will also be able to use their Touch ID.

Facebook has also highlighted the safety measures they have taken to protect transactions and consumer data by using “best practices” of a high industry standard. Transactions will be encrypted and payment systems will be kept on a separate server monitored by “anti-fraud specialists.”

The Facebook Messenger payment system will be available for US citizens in a few months and no further mention was made of rolling this out into other countries as yet. Given the size and reach of the multinational, ruling social media giant however, Facebook should be able to implement this in countries over the border, the time frame dependant on the amount of red tape they would have to jump over.

While other companies like Snap Chat and Paypal have been offering this service for a while, Facebook’s immense reach proposes a genuine threat to any and all competitors, including banks themselves.

While local mobile banking options like FNB’s eWallet that sends money via phones, works off their brand saliency as the bank of the consumer’s choice, the adoption of a Facebook channel to send money may become so much easier – as they are may be logged into the messenger app already anyway.

The main challenge for Facebook would be to get consumers to buy in to the safety of their money transfer method, which they seem to be tackling with the right spin stating that they “A dependable and trusted payments processor for game players and advertisers since 2007” processing “more than one million transactions daily on the site”.