You Can Now Send Your Mates Money Using Facebook Messenger

Facebook Red envelope feature

How does Facebook Messenger payments work?

"Plus, since payments in Messenger use debit cards, as with any other debit card payment, if there are unauthorized charges, people have recourse with their bank".

Facebook has also launched M suggestions for payments into the Messenger app, which uses artificially intelligent virtual assistant M to identify when payment is being discussed in a conversation and present options to send or receive money.

During your first payment the app will request your bank information to be entered, Visa and Mastercard are supported.

Facebook, the social network with 2 billion users, is said to be preparing tests of features that include a "red envelope" service for peer-to-peer payments and a "breaking news" tag for publishers, Recode reported.

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David Marcus is the head of Messenger at Facebook and a senior executive there.

"In the USA most people use payments in Messenger to send less than $50 at a time", Marcus said in a statement. If the friend hasn't set the system up, they'll be prompted to enter their card details to get the payment. Payments in Messenger enable you to send money to a friend right within the conversation you're already having, so that you never forget to pay someone back on the go.

Additionally, Messenger P-to-P can only be linked to a debit card, and while the transaction occurs instantly, the settlement of funds can still take 1-3 business days depending on the connected financial institution.

You will also need to link your debit card to Messenger if you'd like to receive money from your friends - and who wouldn't?

Facebook began letting its users in the United States send cash to each other in 2015 but doesn't charge for its use. The new payments feature will compete against a growing number of P2P payment apps like Venmo, Paypal, and several others.

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