Facebook users can now send or receive money with friends on Messenger. Facebook has partnered with PayPal to create the new feature, known as Facebook Pay.
To use it, you must first connect your bank account to Messenger. Then, when sending messages to anyone else who's connected their bank accounts (which could be thousands of people), there is a "$" icon in the text box. If you do not see this, you can simply send a message and it will automatically ask if you want to use the feature.
When sending with Facebook Pay, you choose how much money you would like to send and hit continue. You then enter your security PIN and select your bank account to send the money.
You can also use Facebook Pay if you want to receive money from another user. Once someone sends it, you will be notified that a payment is waiting for you and click "claim" on the message. The money shows up in your PayPal account and is immediately available to withdraw or transfer to your bank account (this process takes a few minutes).
What are the Benefits to Facebook Pay?The new Facebook Pay feature not only allows users to send money with friends, but also offers payment reminders. You can choose to have these notifications sent via text or email so you never miss a payment again, which is especially useful if all of your transactions are happening within Messenger.
How Big is Facebook Pay?The social media giant has around 1.7 billion users as of March 2017, which means there's a large potential market for the feature. According to Facebook, over 83 million small businesses use the platform as well, making it a valuable tool for those who rely on sales from their local companies.
How to use Facebook Pay?From the "Home" tab of your Facebook account, select "Payments." Under the "Send & Request" section, click on the white plus sign in the blue circle to start sending or receiving money. This will take you through a quick one-time process where you can link up your bank account and phone number.
In the "Messenger" app, open a chat with someone who has linked their bank information. You should see a "$" icon in your message box (if not, click or tap on the other person's name and it will appear). From here, you can enter how much money you would like to send, or click on the "Request" tab to ask for some.
When receiving money through Facebook Pay, you will see a notification that someone sent you money and an option to click "Claim." You will then be redirected to PayPal and the transaction will show up in your account (this takes a few minutes). Once it is available, you can transfer it to your bank or withdraw.
Who is this service for?The new Facebook Pay feature makes sending and receiving money quick, easy, and free from friends through Messenger. Since all you need is a phone number, anyone who has ever sent a text message can take advantage of the option. In fact, Facebook users can use the feature even if they don't have a bank account or aren't signed up for PayPal, making it perfect for friends and family who may not be tech-savvy.
Why is it important?As Facebook continues to expand its messaging services, the social media giant provides yet another easy avenue to stay in touch with friends and family — and pay them — through their existing chat features. Facebook Pay is completely free and allows users to send and receive money without having to install yet another app or sign up for a separate service like Venmo, which can be time-consuming and difficult for someone who isn't tech-savvy.
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