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Facebook Introduces Payment System

Posted by Soulskill on from the because-i-want-there-to-be-17-different-ways-for-people-to-send-me-$6 dept.

An anonymous reader writes: Today Facebook announced a new feature for its Messenger services: the ability to send money to friends. The payment system will work by connecting debit cards from Visa or Mastercard — no credit cards, and no bank accounts. The company claims they aren't trying to make money on it, since it'd be such a small business compared to their ad revenue. "Once the $ button is tapped, users simply enter the dollar amount and hit Pay. The money is instantly taken from their debit account and delivered to the recipient's debit account. Facebook never holds the money, though the receiver's bank will usually take a few days to make the funds available as is standard. Both users see a confirmation message detailing the transfer status and time." Facebook says transaction information is encrypted, and users will protect their cards with a dedicated passcode (or fingerprint identification).

4 of 95 comments (clear)

  1. Yeah, Right. by eedwardsjr · · Score: 5, Insightful

    Considering how often I see people get hacked, what happens when random hacker breaks in and send multiple payments to his launderer? How exactly does this get refunded?

  2. Facebook already has enough email "chain letters." by BarbaraHudson · · Score: 3, Insightful

    Facebook has way too many fake contests, chain posting asking you to share with everyone, etc.

    This will quickly enable all sorts of scams.

    --
    "Transparent" is a shit show that trades on every stereotype going. A man in drag is NOT a transsexual.
  3. the receiver's bank will usually take a few days ? by Anonymous Coward · · Score: 3, Insightful

    Are there still countries where this is legal ?
    We got rid of this shit 20 years ago.

  4. The NEED. by Anonymous Coward · · Score: 5, Insightful

    THIS will tell Facebook who among your friends you are willing to send money to.

    Let that sink in for a bit.

    And giving money to someone is a pretty good sign that they are a real friend and not some fake facebook 'friend'.

    Think about the value of THAT data to advertisers and also to Homeland security.

    THOSE relationships will be sold off at a very high premium.