By Alex Spencer
Facebook has added peer-to-peer payment functionality to its Messenger app.
Enabling users to send money to their friends, the new feature will be embedded directly into conversations in-app, through the addition of a ‘$’ button.
Money is transferred immediately, though as with any bank deposit, there may be a processing period of up to three days.
In order to send or receive money, users will have to store their Visa or MasterCard debit card details as part of their Facebook account, which may raise some concerns over security. It’s possible – though apparently not mandatory – to set up a PIN to secure future transactions, or use the Touch ID fingerpoint scanner on iOS devices.
Facebook’s announcement also points out that this isn’t the first time users have stored their payment details with the social network – it has been processing payments since 2007, and now handles over 1m transactions daily.
“Incorporating security best practices into our payments business has always been a top priority,” reads the announcement. “We use secure systems that encrypt the connection between you and Facebook as well as your card information when you ask us to store it for you. We use layers of software and hardware protection that meet …read more
Source:: Mobile App News