Forget net banking, now send money using Facebook

New York, March 18: Now, you can send money to your friends using Facebook. The social networking site has added new feature in its messenger app that gives people a more convenient and secure way to send or receive money between friends.

This feature will be rolled out over the coming months in the US.

The social networking site, announced its entry into peer-to-peer money transfer business on March 17. It said the service will be free of cost and will work with debit cards. It also said that this facility could be avail on Apple and Android mobile devices and on desktop computers.

The company stressed that it had enabled security features including a PIN and touch ID on iOS devices to ensure security.

"We use layers of software and hardware protection that meet the highest industry standards,"a blog post from Facebook has been quoted by media reports. "These payment systems are kept in a secured environment that is separate from other parts of the Facebook network and that receives additional monitoring and control. A team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe,"it further said.

Here is the process of sending and receiving money which has been revealed by Facebook:

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
While the money transfer happens immediately, it may take some time for the money to reflect in receiver's bank.

OneIndia News