On Tuesday, facebook made an announcement about a new feature for Messenger which allows users to send and receive money. This feature will work on desktop, iOS and Android in the next few months.
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Facebook users who are willing to add their debit card details in Messenger settings can send payments by conversing with a friend.
Simply by selecting the $ icon which will appear in the upper row of the software keyboard, then tap Pay. All facebook users willing to receive money should open a friend’s message and then accept the payment, just similar to bank deposits, payment which normally take up to 3 work days to mature.
As for now Facebook users can only add their debit card details, in order to minimize fraud and avoid fees. (Popular peer-to-peer payments app Venmo lets users add credit cards but charges a 3% fee on each transaction.) however users are already paying for various things like hotel bills and rent.
For this new Facebook messenger payments feature!
Was to aswell get users to stay on the social platform for longer time. Facebook is still the second-most visited site globally and domestically led by Google, however all Internet companies grow faster when members spend long time using their services.
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Facebook is now a competitor with paypal but the good news is that both are willing to work together to make it easier for people to send and receive payments on both paypal and on Facebook platform, they have similar technologies and do the same things like venmo does, venmo makes free transfers with most debit cards.
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