Facebook Makes It Possible To Send Money Between Friends

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facebook money transfer

Facebook just announced a major enhancement to its Messenger service that will allow friends to easily and securely send money to each other. This feature, which is free, will be available to US users within the coming months.

Sending money will be virtually as easy as sending a photo. Just open up a conversation with a friend, tap on the $ icon and enter the amount you want to send, then tap Pay and add your debit card info to send the money.

To receive money that has been sent to you, open the message from your friend and tap Add Card, then add your debit card info to accept the money. Adding your debit card info will only have to be done on the first payment you receive.

The money is transferred immediately, but depending on your bank it may take one to three business days for the money to be accessible.

By the sounds of it, this could have a significant impact on how transactions are conducted between personal friends and online connections.

I belong to a number of Facebook groups where things are bought and sold amongst members all day long, and I can see this feature being the primary method of handling transactions in the future. I can also see it as a way for freelancers and solopreneurs to get paid if they’re doing work for Facebook friends.

There are also a ton of practical, every day uses as well. If you need to pitch in for cab fair, for example, you can shoot your friend a quick message with the cash. Or maybe you forgot your friend’s birthday and don’t have time to get a gift, you can just Facebook them some cash as an alternative to a gift card. These are just a few ideas that came to mind.

Facebook reminds that payments processed through the social network are kept in a secure environment, separate from other parts of the Facebook network.

Payments can be made with a Visa or MasterCard debit card issued by a US bank. On iOS, payments can be processed with Touch ID, with the option to add two-step authentication if desired. When rolled out, Facebook payments will be available to US users on Android, iOS, and desktop.

Matt Southern

Matt Southern

Lead News Writer
Matt Southern is the lead news writer at Search Engine Journal. His passion for helping people in all aspects of online marketing flows through in the expert industry coverage he provides.
Matt Southern
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  • http://cookiethrower.com/ Danny Pardoe

    I dont know why I would need to use Facebook to transfer money though.

  • http://moreprocess.com Tommy Nguyen

    Facebook’s mobile payment service is a game changer. With its current user base (FB, Instagram, Messenger, WhatsApp), FB is a clear winner in the mobile payment space. Paypal, please move aside 🙂

  • http://www.upandsocial.com Scott Bishop

    I’m not sure about this either. I can see it working out for friends who owe each other money for concert tickets or dinner etc. But as an entrepreneur who builds custom websites we send invoices and in order to collect payment on those invoices we use Pay Pal, Wepay & Stripe. I wonder if there are plans to integrate this with Freshbooks or Quickbooks.