Soon You’ll Be Able to Send Money on Facebook. Wow! (On Second Thought) ‘Uh Oh!’

Personal Finance

*You know how some things just make you say ‘Uh oh?’ You don’t know exactly why you feel that way. But you do. Especially when it comes to your money and all of the ways you can send it online.

Now Facebook is getting into the act of giving you that option. To send money to your “friends,” that is.

The social network giant announced Tuesday that users will be able to send money from their mobile devices using its Messenger app. According to what a Facebook spokesperson told The Huffington Post, users will also be able to send payments in the Chat feature for desktop. However, there is at least one regulation.

Users will have to be over the age of 18 in order to send money via these Messenger and Chat features.

All of this is set to roll out in the U.S. sometime over the next few months.

And apparently, Facebook has made it pretty simple to use, according to these instructions:

To send money:

1. Start a message with a friend
2. Tap the $ icon and enter the amount you want to send
3. Tap Pay in the top right and add your debit card to send money

To receive money:

1. Open the conversation from your friend
2. Tap Add Card in the message and add your debit card to accept money for the first time

The company says it will take one to three days for the money to reach your bank.

Allowing payments on Facebook is not totally new. The site has allowed payments for games that let you purchase items with real money, for example, and a now-defunct gift card service for quite some time.

For those concerned with security (and who isn’t?), the company boasts in its blog post that it handles over 1 million transactions every day and has a team of “anti-fraud specialists.” Huffington Post does have a warning for a certain competitor if Facebook does actually succeed in making people feel secure about their money being safe.

If you read this far, you might actually be interested in trying it out. But you’ll want to make sure your phone is encrypted or at least password-protected. Imagine leaving your device in a cab or at a bar with your debit card just a Facebook-tap away and connected to the largest social network on Earth.

Ah HA! Therein lies the reason for that feeling I mentioned in the beginning of the article. Not to mention the fact that your “friends” know your money is just a tap away, and might be inclined to ask for some (more often!).

Thanks to an aggressive strategy basically forcing people to download the Messenger app, Facebook boasts at least 500 million users on Messenger. More than 1 billion people around the world have Facebook accounts.

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