Facebook’s payment service is now available in the United States. The free service now allows users to instantly send money to others with just a few simple taps.
Facebook launches payment service
According to David Marcus, Facebook’s messaging products executive, the new service was designed to compete with PayPal, Google Wallet, Venmo and Snapcash. Marcus first joined the social media giant in the summer of 2014 after leaving Ebay. He was credited with increasing momentum at PayPal by keeping the focus on innovation and design.
Users of the Facebook Messenger app can use their linked Visa or Mastercard debit card to send money with a simple tap of the $ button. Marcus shared his excitement in a blog post:
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“We’re happy to announce that Messenger person-to-person payments are now available to everyone in the U.S.! Add your Debit Card and pay anyone on Messenger in a few taps. Money goes straight from your checking account to the recipient’s checking account. Easy and safe. As always, give it a try it and let us know how we can make even better for you!”
Benefits of the new Facebook service
Facebook doesn’t hold any money or charge for the service. The recipient may experience the usual three-day fund access delay, depending on their bank. Facebook’s new payment service only works with debit cards. The company doesn’t allow credit cards to be used as these kinds of cards tend to come with fees. More importantly, Facebook’s new payment service is secure.
The new service was first announced in October by TechCrunch. The online publication reported that the social website would start adding a payment service in the coming months. In March the social site first launched the service in New York City and surrounding areas. Then in June, Facebook launched the feature within group chats. At press time, there is no word on when the feature will launch in other countries.