Facebook recently announced a new feature that will let you freely transfer money to your friend’s account. This feature will be soon rolled out to users in the US, and is expected to be launched in other regions gradually.
The video posted by Facebook shows how simple it is to transfer money. The instructions posted on Facebook Newsroom is :
To send money:
- Start a message with a friend
- Tap the $ icon and enter the amount you want to send
- Tap Pay in the top right and add your debit card to send money
To receive money:
- Open the conversation from your friend
- Tap Add Card in the message and add your debit card to accept money for the first time
Note that there is no mention of credit cards, so trusting Facebook with your debit card details is the only option, at least for now. When you add your debit card to your account, it will ask you to create a PIN, just in case you are worried about someone picking your phone and sending themselves your hard earned money. For iOS devices there is also an option to add TouchID for authentication.
The feature will be available on iOS, Android as well as desktops, but only in the US for now.
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