In 2015, the social media giant added a new feature to Messenger that allows users to easily send and request money without ever having to open a separate cash transfer app or interrupt your conversation.
What are Facebook Payments?
Facebook Payments are a quick and easy way for users with a Facebook account to transfer money to their contacts using the Messenger app. By registering a debit card or PayPal account, users can send or request money to each other in a chat. The service is currently available in the US, UK and France for use across Android, iOS or a desktop computer.
This article will cover everything you need to know about making Facebook Payments through Messenger, and step-by-step instructions for how to use the feature.
Through Messenger, users are now able to send or request money from their Facebook friends directly within a chat conversation. This peer-to-peer payment system is a convenient way to pay friends without having to exchange cash or download a separate money transfer application.
The platform requires users to be Facebook friends in order to send or request payments from each other. You can send money to individual users, or groups of friends. To combat potential service fees, the feature is only available for use with a debit card or a verified PayPal account, so you can’t use a credit card. The upside? It’s completely free.
Is it safe to pay friends with Messenger?
When it comes to keeping your information safe, Facebook has taken all the necessary measures to make sure their peer-to-peer payment feature is secure for users. All of your payment information is encrypted and stored in a secure environment.
For additional security, you have the option to create a PIN and set up two-factor authentication for your account. You can also enable Touch ID on Apple devices. It’s important to remember never to send or receive money from friends you don’t know, and report any activity that appears suspicious.
If you frequently use Messenger to chat with your friends, then using the Facebook Payments feature can be a quick and hassle-free way to complete a transaction without interrupting your existing conversation. If you already have a Facebook account, you can get started right away.
To get started, you’ll need to navigate to your profile screen in the Facebook Messenger app. You can do this by clicking your profile picture in the top-left corner of the screen.Access your Profile Settings
Once in your profile settings, scroll down and tap Payments.
Fill out your payment information
From there, you will be prompted to fill out your payment information. At this point, choose to add a debit card or sync your PayPal account. Keep in mind, the account you enter in this field is where your funds will be pulled from.
Optional: Include a personal identification number for added security. If you choose to set up a PIN, make sure this is a number that is unique and not easy to guess. For users with iOS devices, you can also enable Touch ID.
Once you do this, you are done with the set up and are now able to start sending and receiving money. Since payment is transferred directly through a debit card or PayPal account, there is no fee for either user.
How to send or request a Facebook payment
To send or request a payment from a friend, start a conversation with them by searching their name. Once the conversation is open, tap the money icon that appears to the left of the text box.
Select the amount, add a note (e.g. groceries) and click “Request” or “Pay” to complete your transaction.
With either action, the payment details will show up in the conversation and can easily be actioned by the other party. If your friend denies your payment request, you will receive a notification.
There’s no limit on the amount of money that a user can send or request, so it’s up to you to decide the amount you’d like to transfer. You can’t cancel money after you’ve sent it, so always make sure to double-check the amount before finalizing your payment.
How to receive a Facebook payment
If a friend completes your payment request or sends you a new payment, you will be notified via the Messenger app. Unlike other popular money transfer applications, Facebook never holds the money. Instead, it will immediately be transferred to the debit or PayPal account that you provided in your settings. Both parties will be notified when the status of a transaction changes.
Note: Your bank may take several business days to process the transaction before the money shows up in your account.
Make a group payment
To make a payment to a group of Facebook friends, you’ll need to start a group conversation. Once you have the conversation open, tap the money icon.
The next step is to choose who you want to send or request money from. You can select the entire group, or only a few members.
From here, the process is the same as paying an individual user. You’ll enter the amount, add a note and submit your request. Similar to individual payments, you can track the status of the group’s transactions in the conversation.
You’re ready to make your first payment!
Now that you’re all set up, paying your friends back or splitting that dreaded group dinner bill is as easy as opening Messenger and starting a new conversation.
Want to share your honest thoughts on Facebook as a social networking tool? Write a review on G2.