Facebook users can now send money to another through the company's standalone messaging app, messenger.
How to use it...???
Users can tie their debit card to their Facebook in order to pass money through messenger. The messenger app now includes a small " $ " icon above the keyboard which opens a payments screen where users can type the amount they wish to send.
What the Facebook is doing for you...???
The money is then transferred through Facebook, which holds the money for " seconds " before sending it along to the other user's bank, according to the Facebook product manager Steve Davis. If the recipient doesn't have a card attached to his or her account, Facebook will hold money until they've set one up.
Competitors :
As Facebook is recently added this transferring money feature, other companies like Venmo, Square and even Snapchat which is started recently in November, last year are all became a competitors for Facebook. But, as the Facebook is a high social network, no one beats this company.
Steve Davis Words :
He is the product manager in Facebook. He said, " we realized that there were all these conversations ( on messenger ) that were forced to go somewhere else in order to actually finish it. You've to go another platform to actually pay another person ".
Database :
To handle the actual money transfers, Facebook built its entire system in house. That means that debit card info will be housed on Facebook Servers.
The company has stored data like this for years already when people pay for games or gifts through the platform.
Safety measures :
You know already that, hackers are easily finding victims passwords to retrieve the online banking password and gaining their money.
But, Facebook did add extra safety for messenger payments : A user PIN or TOUCH ID, if the user is on the iPhone, no payment can be sent without that PIN, which the user will create when they set up their account ( or with the thumbprint scan ).
Why this is introduced in Facebook...???
May be you think that, Zuckerberg is going to take money ( tax ) from you. But, No transaction fee to pass money to another user. To manage this transactions, Facebook hired " David Marcus ", from the PayPal's company.
Facebook is just providing the need for you to transfer money to others.
Final Words :
I hope you understand all these process, but you've to be careful while sending the Money to other people ( typing correct transaction, adding your card, etc..., ) So, from now don't reveal your Facebook password. It is risk for your life..
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