Facebook now permits e-money transactions. This article titled; How To Send And Receive Money On Facebook aims at showing you how you can carry out money transactions via the app.
Facebook is unarguably the biggest social network on earth with an estimated 2.6 billion active users per month at the end of 2020.
Since it was launched as TheFacebook in 2004, it has evolved from a college students ‘database’ in Harvard University to a daily tool worldwide.
Today, Facebook works for every phone or person’s computer with access to the internet. It is used by its billions of users to post pictures, send messages, receive messages, and meet new people.
In 2008, Facebook developed a separate platform for sending and receiving messages. This platform was initially known as ‘Facebook chat’ before it was later renamed ‘Facebook messenger’.
Facebook Messenger is an app, separated from the Facebook app but linked to your Facebook account. With this app, you will experience smooth messaging and sharing of files.
On the Facebook messenger app, you can also have multiple Facebook accounts and switch accounts whenever you need to.
When Facebook Messenger was separated from Facebook, a lot of users did not like the idea because of the inconveniences that come with using two apps for the same social network.
Later on, another app called ‘Facebook Lite’ was developed and it had its own in-app messenger as opposed to the usual Facebook mobile app. Facebook lite was a welcome idea but messaging was not as smooth as users would want it.
Check out: How To Change Facebook Password
As Facebook messenger was developing, with new features being added during upgrading, it became clear to Facebook users that the company had not just a vision but also huge plans for Facebook messenger.
Today, users can use Facebook messenger to play games, make video and voice calls, send files and pictures, and obviously, the messenger app has been designed to suit the taste of modern social network users.
One of the greatest features added to Facebook messenger lately is Facebook Pay. Imagine a scenario where you are chatting with someone and you need to send a certain amount of money to the individual you are chatting with.
What you need to do is close your chat to open another app (maybe CashApp or Venmo), right? However, that is not the case with Facebook messenger as you can send money without closing your chat and opening another app.
Currently, payment on Facebook might not be a regular tool for people or companies that send or receive a lot of money.
This is because though there is no minimum amount of money for transactions, only a maximum of USD 9,999 can be sent or received.
Also, international money transfer is not possible and the service is only available in select countries like the US, Canada, and UK.
How To Send Or Receive Money On Facebook Messenger
Sending money on Facebook is easy to figure out, you just need to follow the following steps:
1. Open A Facebook Account: You most probably have an active Facebook account but if you don’t, it is important you create a Facebook account to be able to use Facebook’s payment system.
You can create an account on Facebook by visiting their website www.facebook.com or download the Facebook mobile app on your PC, Android, or IOS device.
2. Download And Install Facebook Messenger: Payment on Facebook is only available on Facebook Messenger which is available for PCs (compatible with Windows 10 and Mac Is), Android OS, and IOS devices.
Facebook messenger is connected to your Facebook account even tho it is a separate app from Facebook mobile. After installing Facebook messenger, you will be required to log in to your Facebook account.
3. Open A Chat With The Recipient Of The Money: After you log in to your Facebook account, you can start a chat with the person you wish to send money to. Starting a chat on Facebook Messenger is easy as you can easily search using the person’s username.
4. Access The Facebook Payment Platform: In your chat with the person you intend to send the money to, on your PC, click on the Dollar sign ($) and a window will pop up.
To access the Facebook payment platform on messenger with your Android or IOS device, in the chat click on the tab that shows the person’s username and active status.
After this, you will click ‘send or receive payment’ and the payment window will pop up. When this window pops up, you will be given the option to send or request for payment.
If you are sending or receiving money for the first time, you will be required to input your debit card details or you could use the option of a PayPal account.
To send money, input the amount you want to send and select ‘confirm’ after sending. To request money, select ‘confirm after you input the amount you intend to receive.
Advantages Of Sending Or Receiving Money On Facebook
- It costs no charge to send or receive money.
- Facebook ensures your transactions are safe.
- Transaction is made on a familiar platform and it is easy to use
Disadvantages Of Sending Or Receiving Money On Facebook
- Although money is sent immediately, it takes a few days for banks to approve transactions.
- It is currently only available in few countries like the United States, the United Kingdom, Canada, and France.
- It can not be used by organizations; only transactions between friends and family are allowed.
How Safe Is Sending And Receiving Money On Facebook?
Since it was launched in March 2015, Facebook Payment has not suffered any security breach. Facebook has ensured transactions are safe with features like allowing users to create a password when they want to make their first transaction.
Also, if a friend or family is requesting money, ensure the request is genuine as their Facebook account might have been hacked.
That will be all for now. Stay safe!