Looks like the world’s largest social network found another good reason why users should access its messaging service. If somebody is in the search for an easy way to send money to their friends or family, they are in luck because Facebook introduced a feature on Messenger app where users can actually send money. The world’s largest social network declared on Tuesday that Facebook friends can now send cash to one another for free.
The service is simple, users must connect information from their Visa or MasterCard card accounts, than activate the feature by tapping a dollar sign during their talk with a family member of friend in Facebook’s Messenger app. With this new feature, the Messenger app is in direct competition with payment companies, like Square and PayPal. This move came after David Marcus decided to leave PayPal and come as vice president of Messenger app. By adding this feature, Marcus and Facebook are hoping to increase the messaging service success, which already has more than 500 million monthly users.
The new feature will be in use over the next few months and is free. Facebook said that sending money from the app is very simple and everyone can send money from their bank accounts to fellow recipients. However, it “may take one to three business days to make the money available depending on your bank,” Facebook explained.
“It’s an easy, secure, truly frictionless, and almost magical experience that happens in-line with existing conversations where all of your friends and family already are,” Vice President David Marcus wrote on Facebook shortly after the announcement. The new feature will probably help Facebook to dominate mobile app messaging, after Square partnered with Snapchat, back in November.
At the end of last year, Facebook tailed nearly 1.1 billion monthly users logging on from a mobile device, but unfortunately less than half use the social-network’s Messenger service. However, last year Facebook acquired Whatsapp for more than 19 billion dollars, which accounts approximately 700 million users around the world. Whatsapp doesn’t offer payments service.
“Please bear with us as we make this feature gradually more available nationwide.” Marcus said. The feature will become available to both Android and iOS users.