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Facebook has its eyes on your wallet

Facebook has its eyes on your wallet
Sukharevskyy Dmytro (nevodka) / Shutterstock.com

Don't worry, Facebook isn't about to start charging a monthly fee to use it. That's a common hoax that's been debunked. Facebook will never charge you to use it; you're too valuable as a commodity! But that doesn't mean Facebook isn't looking for more ways to boost its bottom line.

A Stanford computer science student hacked into the code of Facebook's controversial Messenger app for iOS. He found clues that all but confirm Facebook is working on a way to use the app for mobile payments. It makes perfect sense, though.

Google's been trying to break into payments for a long time, and with the iPhone 6, Apple might have just succeeded. The tech giants see mobile payments as the future currency, replacing cash transactions once and for all, and all of them want to get in on the ground floor. That includes Facebook.

According to the code uncovered by this student hacker, Messenger would only be used for peer-to-peer payments. That means whoever you could send a Facebook message to you'd also be able to send cash to as well. These sorts of transactions are taking off in a big way. PayPal has been the go-to method for digital peer-to-peer payments for a long time, but apps like Venmo make it even easier.

Just think about it: you're out at a restaurant with a big party and instead of hassling your server with a dozen split checks, everyone just taps their phone two or three times to pay one person who then pays the tab. Or maybe you're trying to collect fees for your hockey league. It can be such a hassle to track down your whole team to get checks or cash. With peer-to-peer payment apps, it's easy and instantaneous.

It appears as if this feature is all ready to go, Facebook just needs to turn it on. Expect it to be announced soon. Facebook already has plans to implement a Buy button that would let you purchase anything you see on your News Feed with one click. This aligns perfectly with that strategy.

If you're worried about Facebook privacy, however, this might not be such great news. Click here to find out how to lock down your Facebook privacy in 5 easy steps.

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Source: TechCrunch
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