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March 18, 2015

Led by ex-PayPal exec, Facebook enters money-transfer race

Service to be rolled out in the coming months in the US.

By CBR Staff Writer

Facebook is planning to enter into the money-transfer race by introducing a new feature to its messaging app that will allow users to transfer money to their friends using android and iOS devices.

The new tool is reportedly the brainchild of former PayPal executive David Marcus, who joined the social media company in 2014.

Users will be able to transfer funds by tapping into the ‘$’ icon located at the top of the keyboard, where stickers and photos are present.

After tapping the ‘$’ icon, the amount has to be entered followed by users tapping the "Pay" icon on the top right corner of the app. Users need to create a personal ID number to transfer the money and add debit card details to their account..

Users will also be able to add additional authentication to enhance security.

To receive the money, the receiver has to open a conversation with the sender and will have to add their debit card to get the amount, which is transferred immediately. It could, however, take up to three business days to recieve the money.

In order to address the security concerns, Facebook highlighted that it already processes more than a million secure transactions on daily basis, which includes payments for game players and advertisers.

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