Facebook Payments: A New Way to Split the Check

Ever chatted with your friends on Facebook Messenger about splitting up a bill — say concert tickets or a group birthday gift?  If so, Facebook would like to make the payment process a whole lot simpler for you.

Earlier this Spring, the company unveiled a new friend-to-friend feature for its Facebook Messaging system called Facebook Payments.  Now friends can move from discussions on divvying up the bill right to payment, with an encrypted tool that enables simple, one-click payment from a connected Visa or Mastercard debit card.  

Users simply tap a $ button next to the send a photo and sticker options to make a peer-to-peer payment to the Facebook friend of their choosing and funds are instantly transferred.  Any completed transactions show directly in the Facebook Messenger thread so everyone stays on the same page of who has paid and how much.  And you can track payment history from your Facebook account, including the friend you paid or received money from, the transaction amount, and the date it was completed.

Best of all, the transactions are free.

Facebook’s new pay tool is encrypted and separated from the rest of the standard Facebook network for additional security.  The company is even experimenting with a buy feature from the Facebook news feed that would let users purchase goods and services directly from their account without having to visit a separate page.

Check out the inforgraphic below for an in-depth look at how Facebook Payments works and why paying directly from your account might be good for your wallet.


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