You're already used to Facebook releasing new features on what seems like a daily basis, but now the popular social media site is adding yet another facet to its site: banking. Have you noticed the little coin icon in the corner of your latest Facebook message? It's the company's new way of letting users send and receive money from each other.
Now with Facebook Messenger, you can do more than just chat with your friends, you can pay them at the same time. This new feature is available to everyone with the messaging app and the desktop version across the United States.
All you have to do is add your debit card information and you can start sending and receiving transactions for free! It takes up to two business days to be placed into your account but it saves time and hassle trying to send money through the mail or deal with expensive transfer fees.
Just make sure the person you're trying to send money to has their credit card set up on Messenger as well. If not, they'll be prompted to enter their information when they get your transaction and they won't get the money credited to their account until they do so.
This is not the only way to send mobile payments for free. There is an awesome app that's been gaining attention and it's called Venmo. This app has all of the same functions and even allows users to share the reason for the transaction with their friends.
It seems like Facebook is trying to directly interfere with Venmo's business and we'll see how it pans out. As we all know, once Facebook gets its hands on an idea, it rarely lets go.