Facebook is testing its ability to handle funds transfer and gauge how receptive users are to the new option that allows them to send money through Messenger.
Facebook has confirmed the presence of a Send or Request money option in the apps navigation menu. When the users tap on the option they will be redirected to Facebooks Messenger for the transaction to take place.
Since Facebook has not officially launched this service, for the purpose of conducting the test the feature is only visible to customers in the U.S. The Send or Request Money option has been available to the users in the U.S. for over two weeks now.
Now that Facebook has decided to venture into online payment solutions its biggest competitor would be PayPal. Users are expected to be highly motivated to transfer funds through Messenger because of its no fee appeal. Once the user connects the payment cards to Facebook transferring money would only be a couple of taps away, that too without having to pay for the service.
For users to be able to try the new service, they have to be able to locate the option within the app. As of now, the current version of Messenger app does not make the option highly visible as the Send or Request Money option is buried under the menu of more options. Instead of having relatively less important features (such as stickers) in the front the Messenger should show Send or Receive Money option in the front.
You might be thinking if there is no transaction fee whats in it for Facebook? David Marcus, the head of Messenger explained that Facebook will not charge for transactions which would attract businesses and customers to opt for Facebooks no fee money transfer but once the service has made its mark Facebook will start making money as businesses would be willing to pay Facebook in order to get promoted.
However, for customers to opt for this newly introduced service, Facebook will first have to satisfy its users by convincing them that their card details are in safe hands.