Payments Through Facebook Messenger

Facebook recently introduced a new tool for users, allowing them to quickly send and receive money from their friends via Facebook Messenger. This is a convenient way to exchange money between friends, family or anyone else you choose that you are friends with on Facebook! This new Facebook capability is similar to tools like PayPal, Venmo or Square Cash. Here’s how it works:

To send money:

1.     Start a message with a friend

2.     Tap the $ icon and enter the amount you would like to send to them

3.     Tap Pay in the top right and add your debit card to send the money

To receive money:

1.     Open the conversation from your friend containing the money

2.     Tap Add Card in the message and add your debit card to accept money for the first time

For those concerned about security, don’t be! Facebook has this covered. Once you add a debit card in Facebook payment settings, you can create a PIN to provide additional security the next time you send money. You can also enable Touch ID on iOS devices as an additional security measure. If you are still worried about security, you can always add another layer of authentication to your account at any time.

In an organizational setting, this tool could be utilized when rewarding brand advocates during specific social media competitions as an incentive for their participation. Customer surveys could be incentivized through Facebook chats with small monetary bonuses for customers after completion, contributing to the brands efforts to continue growing and improving after receiving feedback. Additionally, this tool could be utilized by an organization if a customer leaves a negative review. The organization could use this tool to reimburse the money if it is a valid complaint in an attempt to mend the relationship. These efforts could create brand advocates because the customer felt the company was taking responsibility and listening to their concerns.

Sending and receiving money via Facebook Messenger is easy, free, convenient and secure. Facebook has fraud specialists monitoring at all times for suspicious activity to ensure your account is safe. Currently, this tool is mostly for personal use because it can make the exchange of money between friends much easier. For example, the tool can be used for rent or utilities between roommates or paying someone back for a meal. Overcoming member security concerns will be the largest challenge for Facebook. Organizations will be able to utilize this tool in the future after the general Facebook members have a better understanding of the full benefits of this new money exchange channel.