#Facebook is introducing a brand new feature to its users: the ability to send money via Facebook Messenger.
On March 17th, Facebook announced plans to roll out the new feature in the upcoming months, although initially it will only be available to those residing in the United States.
The new feature will allow friends to send and receive money
The Facebook payment system promises to be a secure and 'separate' from other parts of Facebook network, which according to the announcement, will be monitored vigorously for security and control.
In order to make a payment, the users will be asked to input their Visa or MasterCard information, which will be accessible from the messenger screen. The card issuer will initially need to be a banking institution in the United States. After the card has been stored, the user will have the option to add a Personal Identification Number (PIN), with additional layers of security, such as login approvals or Touch ID for iOS, being available as well.
The Facebook team made an announcement regarding the new feature and has heavily concentrated on security issues. As it is not uncommon for Facebook accounts to be hacked, having a credit or a debit card associated with a Facebook profile might prove to be an issue for some users. In addition, the new payment system may open up a new channel for potential fraud, however, Facebook appears confident that their security systems are at par with the latest internet security technologies.
In recent years, Facebook has grown in notoriety for its treatment of user privacy and personal information, which may be a factor in how many users decide to participate payment transfers. Should the feature prove to be popular, it could make a substantial difference in payments, and it might potentially get some of PayPal's market share.
The Facebook payment system is expected to be rolled out to the rest of the world shortly after it takes off in the US. #Social media