Katie O'Brien
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Katie O'Brien in Senior Content Editor,

Facebook Will Now Let Users Directly Send Money

Facebook (NASDAQ: FB) will not let users send and receive payments via the messenger app, according to Venture Beat. The service does not have an start date as of yet, however, is expected within the next few months.

In terms of safey concerns, Facebook released this statement:

Incorporating security best practices into our payments business has always been a top priority. We use secure systems that encrypt the connection between you and Facebook as well as your card information when you ask us to store it for you. We use layers of software and hardware protection that meet the highest industry standards. These payment systems are kept in a secured environment that is separate from other parts of the Facebook network and that receive additional monitoring and control. A team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe.

According to Venture Beat, monetary transactions are nothing new for Facebook. For the past few years, Facebook has offered games for a cost and processes more than 1 million transactions per day.