Facebook announced Tuesday that Friends can send money to each other on a new free feature: Shares rise 1.66%.
Facebook has lived through volatile times in recent months but the last year overall has been a success story with share price up from $60.74 in March 2014 to the current price of $79.27.
The new feature added to Facebook Messenger is hoped to become more than a new gimmick but is not yet competing in the field of the ‘digital wallet’ as delivered by Apple and Google. Instead this is a feature that according to Facebook, ‘gives people a more convenient and secure way to send or receive money between friends.’
Launching in the U.S initially, the $ sign can be tapped on Messenger when communicating with a friend to send funds. For those concerned with security risks, the company says that this is covered with ‘secure systems that encrypt the connection between you and Facebook as well as your card information when you ask us to store it for you.’
This maybe a new feature to the public element of Facebook giving a simple way to exchange money from bank to bank, but the tech company is no stranger to payment processes as the platform has been processing more than one million transactions daily on the site since 2007 for game players and advertisers.
The new feature will be available on Android, iOS, and desktop.
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