Facebook plans to launch a service to send money to friends for US customers through its Messenger mobile app, according to a company statement.
The free system will be available for users "in the coming months" and will put world’s largest social network in competition with such services as Square Cash and Venmo.
The transfer operation will use member’s bank debit cards for a quick transaction, which may take up to three days depending on the banks used, the statement said.
Facebook already processes a significant number of payments through its platform for advertisers and for games.
According to the statement, the social network handles over one million transactions daily and also processes all the payments from Messenger.
Facebook also uses a secure system which encrypts the connection between users and the platform as well as user’s card information.
