Face­book brings in money trans­fers

Cynon Valley - - YOUR NEWS -

FACE­BOOK Mes­sen­ger has in­tro­duced the abil­ity to send and re­ceive money through in-app con­ver­sa­tions for UK users.

Mes­sen­ger users will be able to add a pay­ment card to their ac­count, and then send and re­ceive money di­rectly from con­ver­sa­tion threads with con­tacts.

The tech­nol­ogy gi­ant in­tro­duced the fea­ture to users in the US in 2015, but this is the first time it has been ex­panded.

Mes­sen­ger has more than 1.2 bil­lion monthly users around the world.

David Mar­cus, the head of Mes­sen­ger, said in­tro­duc­ing a tool to “so­cially” trans­fer small amounts of money had proved ap­peal­ing.

“Our re­search shows the top rea­sons for send­ing money in­clude cel­e­bra­tions, so­cial and fes­tive oc­ca­sions. It’s those ev­ery­day mo­ments we’re try­ing to make a lit­tle eas­ier – we’ve seen that in the US most peo­ple use pay­ments in Mes­sen­ger to send less than than $50 (£38) at a time,” he said.

Face­book said it takes “ex­tra steps” to pro­tect pay­ment in­for­ma­tion in the new fea­ture.

All cre­den­tials are en­crypted and pro­tected with “bank-level se­cu­rity” and pay­ments will be mon­i­tored by an­tifraud spe­cial­ists.

The so­cial net­work said it would work with users in any in­stances where unau­tho­rised ac­tiv­ity took place on their ac­count.

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.

Face­book said the pay­ments fea­ture would roll out to all Mes­sen­ger users in the UK in the com­ing weeks.

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