It had to be a feature sometime soon. On March 17, two important events related to mobile money occurred. A new partnership between Orange Money and Airtel Money will allow customers in the West Africa region of Burkina Faso to send and receive funds for the first time ever using their mobile devices. The other came from Facebook stating;
Today we’re adding a new feature in Messenger that gives people a more convenient and secure way to send or receive money between friends. This feature will be rolling out over the coming months in the US.
To send money:
- Start a message with a friend
- Tap the $ icon and enter the amount you want to send
- Tap Pay in the top right and add your debit card to send money
To receive money:
- Open the conversation from your friend
- Tap Add Card in the message and add your debit card to accept money for the first time
The new payments feature is rolling out in the coming months in the US across Android, iOS, and desktop.
With 745 million mobile daily active users on average out of 1.39 billion monthly active users as of December 31, 2014, it is obvious mobile for Facebook is the way ahead.
Let’s see how this feature rolls out but mobile money transfer is a big business not only because 3 billion people is connected to internet but also because its easy and hassle free. Though there are security issue concerned as facebook has addressed them;
Incorporating security best practices into our payments business has always been a top priority. We use 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. We use layers of software and hardware protection that meet the highest industry standards. These payment systems are kept in a secured environment that is separate from other parts of the Facebook network and that receive additional monitoring and control. A team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe.
The first time you send or receive money in Messenger, you’ll need to add a Visa or MasterCard debit card issued by a US bank to your account. Once you add a debit card, you can create a PIN to provide additional security the next time you send money. On iOS devices you can also enable Touch ID. As always, you can add another layer of authentication to your account at any time.
Not sure when it will roll to India, but the opportunity is huge.