Need to loan your friend some money for some emergency? Just pick up your phone, open the Facebook Messenger and send it to them directly. Facebook is gearing up to disrupt the online money transfer industry, and it has the technical acumen needed to pull this off as well!
When Facebook snuck out David Marcus, president at PayPal, a lot of people wondered how he would fit in at a social media company, given his extensive background in managing and facilitating online payments, but now it is starting to make sense. There will be a features for money transfer through Facebook.
As per Facebook, the feature will first be rolled out to US users, who can expect it in the next few months. Once available, it will let users send their friends money from within the popular Facebook chat app. Given the humongous reach that Facebook commands, as well as the mind-boggling retention rate of the social network that Zuckerberg often likes to talk about, a payment services offered by the company will have a tremendous reach and would have the perfect platform to launch itself off.
A separate button will get added to the messenger, bearing the $ shape, and tapping it will let users enter the amount which they wish to send to their friends or family.
In order to use the money transfer service, Facebook users will have to link their virtual identity with their real-world one. By providing Facebook with their banking details, they will first link the chat program to their accounts.
As an added security measure, Facebook will also require that its users create a safety PIN, which will then be used to authorize payments each time the user wishes to send money. The owners of the newer iPhones and iPads will also be able to use the biometric fingerprint scanner on their devices to authenticate payments.