Just recently, Facebook Messenger quietly received a money-transferring feature.
The company is looking into ways in which users can be glued to the app for longer periods than they already are doing.
Facebook Messenger has more than 700 million monthly active users. However, this stat was released more than two months ago, which means the app has probably increased its current user base to about 800 million users. This is already huge traffic for an app that has less than five years in the industry, but it seems the social networking company behind the app is not yet satisfied with the time users spend on the app.
Users of Messenger will now be able to send and receive money right from within the chat app. At the moment, the service is only available in the U.S. However, there is huge doubt that the service will only remain in the U.S. thanks to the widespread nature of the app’s user base. There is potential in Europe, Asia, Latin America as well as Africa, but Facebook has remained coy on when these regions can get this feature.
Facebook money transfer service is free
The service offered by Facebook Messenger on transferring money is not chargeable whatsoever. What the company is after is just to make thelife of users easier when using the app and they want to do other things that might prompt them to switch to a different platform.
However, how does one send money to a friend using the Messenger app? Here’s how to:
How to transfer money using Facebook Messenger
To send or receive money via the Facebook Messenger platform, you will need to first setup your account.
- Launch Facebook Messenger and hit the Settings cogwheel located in the top right corner of the window
- Follow this by tapping on the “Payments>Add new card” option
- Enter details of your debit card (must be U.S.-issued and not a credit card or prepaid debit)
- When this is setup, you will notice a dollar sign just above the message box when inside a normal Just tap on this dollar sign and enter the amount you want to send the person you are chatting with.
- On the recipient’s side, s/he must also setup an account using a U.S.-issued debit card. When the money is received, one will have to go to the app’s Payments Settings and select “Accept money with this card.” The money will then be channeled to the bank of the recipient for withdrawal purposes.
Transferring of money using Facebook Messenger is immediate. Also, no fee is charged by Facebook for making the transaction, and none of your card’s information will be leaked as it is stored safely by the social media giant.
Remember, the transaction might take up to 5 days before your bank clears it, but this depends on your bank. Some take shorter periods to process and clear the payment.