Via Facebook Messenger Users Might Soon Be Able To Transfer Money To Friends

By Vivek
|

It appears that Facebook is planning to add a new feature to its independent messaging app that allows users to send money from their debit cards to their friends.

Via Facebook Messenger Users Might Soon Be Able To Transfer Money

 

First reported by Techcrunch, the alleged feature was spotted by a Stanford computer science student Andrew Aude who reportedly used an iOS app exploration developer tool called Cycript. According to Aude, the peer-to-peer money transfer feature in the Facebook Messenger will reportedly allow users to send money with their debit cards much like Square's Cash app.

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You'll be able to add a debit card to Messenger, use one that's already filed on Facebook, and add a PIN for extra security. In the version Aude investigated, Messenger payments only worked with debit cards, not credit cards or bank accounts.

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The report further notes, "Messenger's payment option lets users can send money in a message similar to how they can send a photo. Users can add a debit card in Messenger, or use one they already have on file with Facebook. An in-app pin code also exists for added security around payments."

<blockquote class="twitter-tweet blockquote" lang="en"><p><a href="https://twitter.com/facebook">@Facebook</a> Messenger has P2P payments coming. <a href="https://twitter.com/SquareCash">@SquareCash</a> style. <a href="http://t.co/3NuXuuaMMC">pic.twitter.com/3NuXuuaMMC</a></p>— Andrew Aude (@andyplace2) <a href="https://twitter.com/andyplace2/status/518503570950209536">October 4, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

Aude further added, "Based on my understanding of the debit interchange rates, each transaction will cost Facebook roughly $0.40 to $0.50 (Durbin swipe fee + ACH fee). The app didn't mention a fee to send, so it's probably free, at least initially. Over time they might add a $1 fee."

 

Reportedly PayPal as a payment option was not available in the Messenger, according to Aude. However, he claims that notes related to PayPal were included in the codes.

Stay tuned to GizBot for more updates!

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