Did you know that you’ll soon be able to send money to your friends via Facebook Messenger? Find out how it will work here.
Paying your friend back for that concert ticket is going to get a whole lot easier with the introduction of Facebook messenger payments. Already launched in the United States in 2015, there are reports a Facebook pay service is set to roll out in Australia in the near future.
Working much like Apple Pay or Android Pay, Facebook Pay will let you send money to your Facebook friends without the need of your card. As Facebook Pay is likely to be modelled on the US version, we’ve outlined how this currently works in the US.
How could I send money over Facebook?
If you’re over 18, live in the United States, and have a valid Visa or MasterCard debit card issued by a US bank, you can start using this nifty function in Facebook Messenger today. For the rest of us, there’s no harm in learning how to use this service in advance.
How to send money
- Open Facebook Messenger and send a message to your intended recipient.
- Tap the “$” button and enter the amount you wish to send. If you don't see the “$” sign immediately, you can find it using the“…” button.
- Tap the "Pay" button at the top right, and add your debit card details to complete your transaction.
How to receive money
- Open the conversation with the friend from whom you’ve received money.
- Tap the button and add your debit card details to receive money.
Note that your bank may take up to three business days to process this transaction and credit the money to your account.
To request money
- Open a conversation with the friend from whom you wish to request money.
- Tap the “$” button. If you don't see the sign immediately, you can find it using the “...” button.
- Tap the Request button at the top, enter the amount of money and then tap Request again at the top right.
- To cancel a request, go to your conversation and tap the amount you entered, then tap Cancel Request.
How would Facebook interact with our data?
If you can use Facebook to make and receive payments, the organisation will begin collecting your transaction data. This will be added to the other social data that Facebook has gathered, meaning that it could have access to the same personal information as your bank. As noted by the Australian Financial Review, this means Facebook could directly offer you credit based on what it knows about you, while charging much lower interest rates and fees than current providers.
Tips to keep your finances safe on Facebook
While Facebook Pay is new, we’ve trusted the social media service with game payment details for years now. Furthermore, your smart device’s connection to Facebook servers is encrypted, ensuring that your financial details are too. If you decide to eventually use Facebook for managing your money, consider the following tips.
- Password. A password helps to keep your financial information secure. After your first successful transaction, you’ll see a prompt asking if you’d like to use your password for future transactions. You should definitely do this to stay on the safe side, and of course, always keep your password secure and secret.
- Scammers and hackers. Don’t let this new functionality make the work of scammers and hackers any easier. Alarm bells should instantly sound if a friend or friend-of-friend requests money out of the blue, without prior discussion. That person’s Messenger account could have been hacked, so make sure you’re communicating with the right person by calling or video-chatting with them before you make a payment.
- Personal details. Remember to never share your personal details with people you don’t know. When you want to exchange personal information with a trusted friend, it would be smart to send it using a different app or platform so that your information can’t be easily compromised by any single app or website.
Ultimately, Facebook Pay could make life simpler when it comes to things like splitting the dinner bill or repaying a friend for a movie ticket. It’s quick and easy and, best of all, free.
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