Facebook on Tuesday announced that it will launch a system to send money to friends, aimed at customers in the US who use their instant messaging application for smart phones.
The free service will be offered “in the coming months,” according to a statement from Facebook, and will make the great social network to compete with services like Cash and Venmo Square.
The money transferred use debit cards member for fast transfer of money, which could take up to three days depending on the bank.
“Facebook processes more than one million daily transactions in the portal and also handles all payments processed with Messenger” they explained in the statement. And also said “We use secure systems that encrypt the connection between you and Facebook, as well as card information when we asked that we keep about you”.
It is still unclear whether Facebook will be able to generate profit for these transfers of money between friends, but the application could initiate an extensive network of highly profitable payments said the FACEBOOK