Facebook makes foray into payments

Facebook has become the latest tech powerhouse to get into the payments game by adding a feature to its Messenger app that lets users send money the same way they would a send text.

The news follows similar moves by Apple, Samsung and Google, all of whom announced new payment offerings over the past few months.

The Messenger app, which separated from Facebook’s main application in 2014, is one of the largest platforms in the world, with a reported 700 million users.



The new payments tool will be rolled out in the coming months in the United States for desktop computers and Google’s and Apple’s mobile platform. Facebook reportedly built the tool in house. 




According to Facebook, the first time someone sends or receives money in Messenger, he or she will need to add a Visa or MasterCard debit card issued by a U.S. bank to their account. Once the debit card is added, the use can create a PIN to provide additional security the next time he or she sends money. On iOS devices, the user can also enable Touch ID.