Facebook to let users transfer money using Messenger app

Facebook has announced on Tuesday (17 March) that it will allow its users to send and receive money using its Messenger application.

The new tool, a product of the expertise of the former PayPal president, David Marcus, who was hired by the social network last year, will be available for use in the next couple of months in the US.

The tool will be available in the US across desktop, Android and iOS, said Facebook.

To send money using the tool, users will have to start a message with a friend, tap the $ icon and enter the amount of transfer. They will next have to tap 'Pay' and add a debit card.

To receive money, users will have to start a conversation with a friend and add a debit card to accept the money.

The money transfer tool is estimated to take from one to three business days to channel the money into the receiver's account.

To enhance the security of the tool, users will create a PIN number and can add another layer of authentication to their account at any time, said Facebook.

No transaction fees will be charged by Facebook for the time being, a spokeswoman for the company.

To encourage the use of its new tool, Facebook has reassured the company already processes over a million secure transactions every day.

Some of the transactions involving money include game purchases and advertising that have been made available since 2007.

The Facebook Messenger app has attracted 700m users since separating from the Facebook's main application last year, the company said.

Chief Executive Officer Mark Zuckerberg has said he will possibly look into generating revenue from the Messenger app but not until it has at least one billion users.