How to send money to friends using facebook’s new money transfer feature

Chris Stobing is a writer and blogger from the heart of Silicon Valley. His work has appeared in PCMag and Digital Trends, and he’s served as Managing Editor of Gadget Review. Read more.

You may not realize it due to the quietly managed launch, but did you know you can send money to your friends using Facebook’s new Messenger Payment system? That’s right, just by clicking on the little coin icon at the bottom corner of your chat, you can transfer nearly all the money you want to anyone on your friends list in a snap.

Setting Up the Payment

To send money using the desktop client, start by opening up a chat window with the person you’re trying to send money to. At the bottom of the chat window, you’ll see an icon that looks like a small coin. Click this, and you’ll be greeted by the initial prompt.

Choose how much you want to send (up to a limit of $500 for new users), and click “Next”.

If this is your first purchase, you’ll be asked to enter your debit card info through the following pop up:

Once the information is approved, click pay, and you’re done!

The recipient will have several different options for cashing out of their Facebook profile once the money goes through, including depositing it to a checking account, or spending it on Facebook merchandise through the company’s store.

At least for now, Facebook has somehow managed to keep the service 100 percent free for all its domestic users, pending that both parties live in the United States and their debit cards are registered to banks in the US. International payments will include a small surcharge, which varies depending on the two countries

Managing Your Payment Settings

After you make your first successful payment, Facebook will flash a prompt asking you if you’d like to require your password to be entered for any transactions after that. We recommend you take advantage of this because you never know when someone might hack into your account and try and use your information to fleece unsuspecting friends of their spare coin.

Furthermore, although Facebook will automatically save your payment information after the initial transfer, you can go into your personal Payment settings to remove the debit card to prevent any potential hackers from getting their hands on your money and sending it to their own accounts somewhere overseas.

To get to your payment settings, select the drop-down menu at the top of your page. From here, go to “Settings”, where you’ll be greeted by this screen.

Once here, you’ll find several different sections that will allow you to manage everything about your debit card and associated financial information in the “Payments” tab, highlighted below.

Here you can set the currency you want to use to process your payments, add or remove a debit card, and change the setting for the password associated with each payment. You can also keep a close eye on your transaction history, just in case any transactions were made without your prior consent.

Caution: Scammers Ahead

And as you should with any payment services, always be on high alert for scams. As Facebook Messenger Payments continues to gain traction in the first few months of its release, more hackers and scammers are ditching their old schemes from the likes of PayPal and instead focusing their efforts on the social network and its 1.4 billion some-odd base of daily users.

If anyone you know or that’s on your friend’s list attempts to request money from you without any prior communication about the amount first, be sure to contact them — preferably by phone or video chat so you can confirm that they’re the person who’s actually using the account at that time. Just sending them a text doesn’t necessarily mean that you’re talking to the right person.

This goes double for larger amounts, and never give out your personal information to anyone in this context unless you explicitly know beforehand that they are in fact the person who’s asking for the cash.

Facebook covers many of the different types of techniques that scammers will use to try and squeeze you for money on its FAQ here.

Lately, we’ve been seeing this money transfer feature pop up from social media companies who are either desperately trying to diversify their limited business model (Snapchat, we’re looking at you), or just need an extra flow of cash to start pouring in that isn’t based on speculation and the so-called “user bubble”.

PayPal has even opted to support Venmo over its own mobile service, recognizing that if people are going to pay each other on their phones, they also might want the whole world to know about it. Either way, in the end the old adage remains true: “When companies compete, no matter who comes out on top, eventually the consumer wins.”

You might not realize it due to the quietly managed launch, but did you know you can send money to your friends using Facebook’s new Messenger payment system? That’s right, just by clicking on the little coin icon in the bottom corner of your chat, you can transfer almost any money you want to anyone on your friends list in the blink of an eye. ‘eye.

Configure payment

To send money using the desktop client, start by opening a chat window with the person you’re trying to send money to. At the bottom of the chat window, you’ll see an icon that looks like a small coin. Click on it and you’ll be greeted with the initial prompt.

Choose the amount you want to send (up to a limit of $ 500 for new users) and click “Next”.

If this is your first purchase, you will be prompted to enter your debit card information through the following pop-up window:

Once the information has been approved, click on Pay and you’re done!

The recipient will have several different options for redeeming their Facebook profile after the money has been paid, including depositing it in a checking account or spending it on Facebook merchandise through the company’s store.

At least for now, Facebook has managed to keep the service 100% free to all of its domestic users, while waiting for both parties to live in the United States and their debit cards to be registered with banks in the United States. . International payments will include a small additional charge, which varies between the two countries

Manage your payment settings

After you’ve made your first successful payment, Facebook will display a prompt asking if you would like to require your password to be entered for any subsequent transactions. We recommend that you take advantage of this because you never know when someone might hack your account and try to use your information to steal unsuspecting friends from their spare.

Additionally, although Facebook automatically saves your payment information after the initial transfer, you can go to your personal payment settings to remove the debit card to prevent potential hackers from getting their money and getting them. send to their own accounts somewhere abroad.

To access your payment settings, select the drop-down menu at the top of your page. From there, go to “Settings”, where you will be greeted by this screen.

Once here, you’ll find several different sections that will allow you to manage everything about your debit card and associated financial information in the ‘Payments’ tab, highlighted below.

Here you can set the currency you want to use to process your payments, add or remove a debit card, and change the password setting associated with each payment. You can also keep a close eye on your transaction history, just in case any transactions have been made without your prior consent.

Warning: crooks in advance

And as you should with all payment services, always be on your alert for scams. As Facebook Messenger Payments continues to gain traction in the first few months of its release, more hackers and scammers are abandoning their old schemes like PayPal and instead focusing their efforts on the social network and its base of 1. 4 billion daily data. users.

If someone you know or who is on your friend list tries to ask you for money without any prior communication of the amount, be sure to contact them – preferably by phone or video chat so that you can confirm that this is the person who is actually using the account at the time. Just texting them doesn’t necessarily mean you’re talking to the right person.

This will double for larger quantities, and never disclose your personal information to anyone in this context, unless you explicitly know in advance that this is in fact the person asking for the money.

Facebook covers many types of techniques that crooks will use to try and get money from you on their FAQs. here.

Lately we’ve seen this money transfer feature pop up from social media companies who are desperately trying to diversify their limited business model (Snapchat, we’re looking at you), or just need an extra cash flow to get started. to pour this is not based on speculation and the so-called “user bubble”.

PayPal even chose to support Venmo on its own mobile service, recognizing that if people have to pay on their phones, they might want the world to know about it as well. Either way, at the end of the day, the old adage holds true: “When businesses compete with each other, it doesn’t matter who comes out on top, the consumer ends up winning. “

Since Meta (FB), formerly Facebook, launched its social network in 2004, its features have expanded significantly. The vision of its founder, Mark Zuckerberg, began as a way to take the social dynamics of a college campus and put them online.

Key Takeaways

• Sending money through Facebook is simple: users simply need to enter a debit card or PayPal account through the in-app payment feature on Facebook Messenger.
• In November 2019, Facebook (now Meta) announced the launch of Facebook Pay, making it possible to process transactions across its platforms to purchase things such as games, event tickets, and certain Facebook Marketplace items.
• Currently, only Visa/MC debit cards are acceptable for use, along with PayPal and pre-paid debit cards.

In the site’s beginning, students at a small number of elite colleges made profiles consisting of pictures and whatever additional information about themselves they chose to give, and then linked them with their friends’ profiles; hence the term social network.

Only students with verified email addresses from a list of approved colleges could sign up for Facebook during the early years. Moreover, the site was not monetized; its only funding came from venture capitalists who saw the potential for big returns if the concept caught on nationwide.

Since then, the social network has become much more than an online playground for Ivy League college students. In the third quarter of 2021, Facebook earned over $28.7 billion selling online ads, a 33% increase year-over-year. Businesses, organizations, and entrepreneurs pay to have their promotional messages appear on users’ news feeds. Only Google makes more money selling ad space online.

Facebook made it possible to send money to friends and business associates through the Facebook site with a few clicks of the mouse or taps of the screen as part of Facebook Messenger, the site’s instant messaging component. In fact, PayPal’s former CEO, David Marcus, defected to Meta in 2014 to oversee Facebook Messenger, as well as launching the company’s cryptocurrency Diem. With as much time as people spend on Facebook, it logically follows for users to take advantage of this new feature once they learn about it.

The site is making the process of sending and receiving money online simple for anyone with a Visa or MasterCard debit card. With this service, Meta can act as a conduit between your bank and your friend’s bank, channeling the money from one to the other.

How Sending Money Through Facebook Works

Sending money via Facebook Pay through the Messenger app is simple. It takes only seconds once you store your debit card information, which you are prompted to do on your first use of the feature.

The first step is to open a new or existing Facebook Messenger conversation with the friend to whom you wish to send money. You can do this on your home computer, tablet, or smartphone. Once you pull up the conversation, you should see an icon with a dollar sign at the bottom of your screen. Tap or click that icon. The app then prompts you to enter the amount of money you wish to send; do this and then click or tap the Next button.

At this point, if it is your first time sending money via Facebook, a screen pops up asking you to enter your PayPal or debit card information. As of summer 2021, the service accepts only debit cards, not credit cards, and your card must be a Visa or MasterCard. Enter your card number, expiration date, validation code, and billing zip code. Next, click or tap the Pay button.

The process is now complete. The app transfers the funds to your friend right away. If you use an online banking app, you should see the money removed from your available balance within minutes. The site stores your debit card information, so you do not have to enter it each time you wish to send money via Facebook Messenger.

For those concerned with having financial information stored on a third-party server, Meta provides an information page where you can read about its security protocols. The site claims to use multiple layers of hardware and software protection on its servers.

Receiving Money Via Facebook Messenger

Receiving money via Facebook Messenger is even easier than sending it. When a friend sends you money, you receive a Facebook notification, similar to what you receive when a friend sends a regular message. If your debit card information is already stored in the app, there is no action that must be taken on your end. The money is transferred instantly; the notification simply lets you know it is on the way.

When a friend sends you money on Facebook and you have yet to provide your debit card info, the notification you receive upon payment from your friend includes an Add Card button. Tap or click it, and the same prompt appears to enter your card information. Once you submit this information, the app completes the transaction. When you send or receive money in the future, your card is already stored, and you do not have to enter it again.

Though the money is transferred instantly, it may, depending on your bank, take a day or longer to appear in your available balance. Different banks maintain different hold time rules for electronic deposits.

How Meta Makes Money From This Feature

Meta imposes no charge to send or receive money via Facebook Messenger. The company makes no money directly with this feature. However, the financial incentive of this first move was to encourage and ease users into storing their payment information on the site, as well as process transactions.

On Nov. 12, 2019, Facebook launched Facebook Pay, making it possible to process transactions across its platforms, including Instagram and WhatsApp. Rolled out the week it was announced, the service was available “for fundraisers, in-game purchases, event tickets, person-to-person payments, and select Pages and businesses on Facebook Marketplace” with plans to extend services.

Those users who took advantage of the send and receive money feature, and thus have their payment information stored on the site, can buy the advertised product with a single click of the mouse or tap of the screen. Impulse buying becomes easier and much more tempting when users do not have to fish their credit cards from their wallets and enter payment information for every purchase. In this regard, Meta stands to make a lot of money, albeit indirectly, from its send and receive money feature.

For the latest information on how to send or receive money in Messenger, visit our Help Center.

Today we’re adding a new feature in Messenger that gives people a more convenient and secure way to send or receive money between friends. This feature will be rolling out over the coming months in the US.

It’s easy and free.

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 money you send is transferred right away. It may take one to three business days to make the money available to you depending on your bank, just as it does with other deposits.

Secure Network

A dependable and trusted payments processor for game players and advertisers since 2007, Facebook processes more than one million transactions daily on the site and also handles all the payments processed on Messenger.

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.

The first time you send or receive money in Messenger, you’ll need to add a Visa or MasterCard debit card issued by a US bank to your account. Once you add a debit card, you can create a PIN to provide additional security the next time you send money. On iOS devices you can also enable Touch ID. As always, you can add another layer of authentication to your account at any time.

The new payments feature is rolling out in the coming months in the US across Android, iOS, and desktop.

When you chat with friends about settling debts or splitting the bill, Facebook doesn’t want you to have to open another app like PayPal or Venmo to send them money. So today it unveiled a new payments feature for Facebook Messenger that lets you connect your Visa or Mastercard debit card and tap a “$” button to send friends money on iOS, Android, and desktop with zero fees. Facebook Messenger payments will roll out first in the U.S. over the coming months.

Facebook And PayPal: Frenemies?

Rather than lean on a payments company like PayPal to power the feature, Facebook built it from the ground up from its experience processing over 1 million payments a day through its ads and games platforms. Transactions and payment info are encrypted, and Facebook says “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,” from an anti-fraud team.

By making payments part of its oft-used messaging service rather than a standalone app, Facebook is looking to edge out dedicated P2P payment competitors like Venmo/PayPal, Google Wallet, and Square Cash, which people open less frequently. That’s the same strategy as the Square Cash-powered Snapcash feature Snapchat launched in November.

PayPal gave a statement (emphasis mine) saying:

When I asked a PayPal spokesperson if the company views Facebook Messenger payments as a “competitor,” they carefully avoided that word but eventually admitted “it does have similar technology and does a similar thing to what Venmo does.” While Venmo makes transfers with most debit cards free, Facebook’s free service will undercut PayPal’s 2.9 percent plus $0.30 fee per transaction from debit cards.

“We’re not building a payments business here,” Facebook’s product manager on the feature Steve Davis tells me. Instead, Davis says the goal is to offer P2P payments for free to make Messenger “more useful, expressive and delightful.” Since Facebook makes so much money on ads, $3.59 billion in Q4, it doesn’t have to monetize payments directly. Facebook just needs to keep people locked into its platform and seeing News Feed ads by making Messenger as helpful as possible.

Payments In Messenger

TechCrunch was the first to report Facebook was building peer-to-peer payments into Messenger back in October when we attained hacked screenshots dug out of Messenger’s code by developer Andrew Aude. Since then, I’ve heard from several sources that Facebook was doing intense internal testing of the feature.

In the meantime, Facebook worked with PayPal, Braintree and Stripe to power auto-fill of billing details for e-commerce checkouts, and built a Buy button for making purchases from the News Feed.

Davis says the product evolved from a different initial incarnation but was cagey about exactly how long Facebook has been working on the feature. He did note that it was well in the works when the company poached PayPal president David Marcus to run its Messenger division.

“We wanted to test this and make sure we had really hit a high bar because money is extremely important.” Now its payments in Messenger is ready for a gradual public rollout stateside. Here’s how it works.

Once users get the feature, they’ll see a “$” button in the Messenger message composer next to the options to send a photo or sticker. When they tap it, Facebook will ask them to enter their debit card info. Users won’t have to fiddle with finding and entering bank account and routing info, making it easier than some alternatives, but they can only use Visa and Mastercard debit cards. Facebook decided against allowing credit cards because they would entail fees and it didn’t want users to get charged if they didn’t understand.

For extra security, users are prompted to set an in-app payments passcode or Apple TouchID fingerprint to confirm transfers, though they can opt out of this extra authentication in the settings. If users already have a debit card on file with Facebook from gaming, ads or donations, they can use that, too.

Once the $ button is tapped, users enter the dollar amount and hit Pay. The money is instantly taken from their debit account and delivered to the recipient’s debit account. Facebook never holds the money, though the receiver’s bank will usually take a few days to make the funds available as is standard. Both users see a confirmation message detailing the transfer status and time.

In case anything looks fishy, Facebook will ask users some extra financial security questions before a transfer goes through. Afterwards, users can see all their previous payments and funds received in the Payments History section of Messenger’s settings.

“It’s obviously not a feature you’re going to use 10 times a day,” say Davis. “But when you do need to send money, this is probably going to be the best way to do it.”

Convenience Is King

Davis explains that “conversations about money are already happening on Messenger,” as people chat about bar tabs, splitting dinner bills, and sharing the cost of an Uber. “What we want to do is make it easy to finish the conversation in the same place you started. You don’t have to switch to another app,” Davis tells me.

Now the question is whether this is the first step towards Messenger becoming a more full-featured experience. Messenger could follow the trend of monolithic chat apps of Asia like WeChat that let you make payments, e-commerce purchases, hail taxis and more. Messenger is going to have announcements at next week’s f8 developer conference, and we could see more platform ambitions from it then.

While only in the U.S. for now, if Facebook opened up Messenger payments internationally, it could help migrant workers send money home much cheaper than through high-fee remittance services. But for now, Facebook says it just wants to get friend-to-friend payments right in the States. “We’ll consider where to take it after that once we get everything nailed down,” says Davis.

When people’s money is at stake, there’s no room for bugs.

The Payments feature launched in the US two years ago

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Facebook is making it easier to send money to your friends, and bug them for any cash they owe you.

Peer-to-peer payments have just launched on the Messenger app in the UK, two years after the feature arrived in the US.

You can now send or request and receive money in a chat on Facebook Messenger.

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Transfer money

It’s a convenient feature that saves you from the hassle of having to exchange bank details with people, save them and then carry out the transfer in a different app.

To send money, open a chat with your friend, tap the blue + icon and select the green Payments icon.

You’ll then be prompted to set up your payment account – this will only happen the first time you use Messenger payments – and enter the amount you want to transfer.

Once you’ve done this, tap Pay and add your debit card.

To receive money, you need to open a chat with your friend, tap the Add Card option, add your debit card and set up your payment account.

“Messenger uses people’s authentic identities so people know who they are talking to,” says Facebook. “And when it comes to payments, we take extra steps for protection: All debit card credentials are encrypted and protected with bank level security, our world-class anti-fraud specialists monitor payments, and in the rare case that we find unauthorized activity on an account, we’ll work with them to secure the account again.

“Plus, since payments in Messenger use debit cards, as with any other debit card payment, if there are unauthorized charges, people have recourse with their bank. Finally, Messenger payments are offered as a regulated payment service, meaning they’re directly subject to consumer protection requirements.”

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The social network’s M virtual assistant will also make payment suggestions when it recognises that you and your friends are discussing money somebody owes.

Facebook says money will be transferred right away, but may take one to three business days to become available, “depending on the person’s bank”.

Payments in Messenger will roll out to everyone in the UK over the coming weeks.

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Sending and receiving money can be done with a tap thanks to money sharing applications such as Cash App and Venmo, where users can transfer funds without having the need to whip out their wallets and use cash.

Similarly, the Facebook Messenger app allows users to send or receive money once they have have either a debit card or PayPal account on file.

Here’s how you can send money on Facebook.

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How to send money on Facebook using your computer

1. Open Facebook on your Mac or PC.

2. Start a conversation with the individual that you’d like to send money to by either clicking the messenger icon in the top menu or finding the individual by using the “Contacts” list located on the right side of your screen.

3. Click the dollar sign located at the bottom-right corner of your screen, below the text box of your conversation.

4. Enter the amount of money that you wish to send to the recipient. Enter your debit card information.

5. Then, click “Pay” to finish your transaction.

How to send money on Facebook using your mobile device

1. Launch the Facebook Messenger app on your iPhone, Android, or tablet.

2. Start a new conversation by pressing the new message icon in the top-right corner. If you’d like to send money in a previously started conversation, tap on the individual’s name in your inbox.

3. In the conversation, tap the “$” icon to the left of the textbox. If you haven’t sent money through Messenger before, tap the blue “OK” button on the next screen.

4. Then, enter the amount of money you wish to send to the recipient, and add a note if you’d like.

5. Tap “Pay.” In the next window add either your PayPal account or debit card. Follow the instructions to set up your payment method, tap “Save,” and then “Pay” to complete your transaction.

With the Novi wallet and Pax Dollar stablecoin

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Share All sharing options for: WhatsApp launches cryptocurrency payments pilot in the US

WhatsApp has launched a new pilot that lets a “limited number” of people in the US send and receive money from within a chat using cryptocurrency. The feature is powered by Novi, Meta’s digital wallet that launched as a pilot six weeks ago, with payments made using Pax Dollars (USDP), a stablecoin pegged to the US dollar issued by Paxos. The news was announced by Novi’s incoming head Stephane Kasriel and WhatsApp’s Will Cathcart.

According to Novi’s website, sending a payment works much like sending any other attachment in WhatsApp. You access the feature via the paper clip icon on Android or the + icon on iOS, and then select “Payment” from the menu that appears. Novi’s site notes there are no fees for sending or receiving money, no limits on how often payments can be sent, and no fees to keep a balance in your Novi account or to withdraw it to your bank account. Payments are transferred instantly.

There’s a new way to try the @Novi digital wallet. Starting today, a limited number of people in the US will be able to send and receive money using Novi on @WhatsApp, making sending money to family and friends as easy as sending a message.

The Novi pilot was originally available in the US and Guatemala, but WABetaInfo notes that users in Guatemala won’t be able to access the new WhatsApp payments functionality. Instead, they’ll have to continue using the standalone Novi app. Payments do not affect WhatsApp’s end-to-end encryption, which is in place by default for all personal conversations. The WhatsApp Novi pilot is available in both English and Spanish.

The new pilot has its roots in Facebook’s (now Meta’s) much-hyped cryptocurrency plans, which were officially announced in 2019. At the time, Facebook (as part of the Libra Association) planned to develop and launch a cryptocurrency called Libra, which would be pegged to a basket of low-volatility assets rather than any one specific currency. This would integrate with a Facebook-developed digital wallet called Calibra. The whole system was designed to offer a way to send money around the world with lower fees than traditional methods.

These plans have shifted considerably since then. Libra has become Diem, the Libra Association has lost several of its most high profile members and become the Diem Association, and Calibra has become Novi. Perhaps most notably, Novi has ended up launching without the Diem cryptocurrency. Instead, Pax Dollars are the work of a separate company called Paxos, and Meta is relying on cryptocurrency exchange Coinbase as its custody partner.

Meta’s then head of Novi David Marcus said that the company is still committed to Diem when he announced the launch of the Novi pilot in October. “We intend to launch Novi with Diem once it receives regulatory approval,” Marcus tweeted. David Marcus subsequently said he was leaving the company at the end of the year. He has called the pilot of Novi in WhatsApp “the best farewell gift from the best team ever!”

While WhatsApp’s US payment plans revolve around Novi and cryptocurrency, elsewhere in the world it’s already offering payments using traditional fiat currencies. The feature got a widespread rollout in India last year, and has also launched in Brazil.

Novi, the cryptocurrency wallet of Meta Platforms (formerly Facebook), has started allowing some users in the US to send and receive money through its messaging app WhatsApp.

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Novi, the cryptocurrency wallet of Meta Platforms (formerly Facebook), has started allowing some users in the US to send and receive money through its messaging app WhatsApp. The new feature on Novi wallet is a pilot program currently open to a limited number of people.

“There’s a new way to try the @Novi digital wallet. Starting today, a limited number of people in the US will be able to send and receive money using Novi on @WhatsApp, making sending money to family and friends as easy as sending a message,” Novi head Stephane Kasriel tweeted.

In a series of tweets, Kasriel said Novi enables users to send money to loved ones securely, instantly and for free. He also said that using Novi will not change the privacy of WhatsApp personal messages and calls, which are end-to-end encrypted.

“Since we introduced the Novi pilot just six weeks ago, we’ve been able to test and learn which features and functionality are most important to people, and focus our efforts on making those even better. We often hear that people use WhatsApp to coordinate sending money to loved ones, and Novi enables people to do that securely, instantly and with no fees. Payments will appear directly in people’s chat,” Kasriel tweeted.

“We’re still very early in the Novi pilot journey, so we made the decision to test this new entry point in one country to start and will look to extend it once we’ve heard from people what they think of this new experience. Using Novi doesn’t change the privacy of WhatsApp personal messages and calls, which are always end-to-end encrypted,” he added.

How Novi moves money

According to the details available on Novi’s official website, when users add money to their Novi account, it gets converted to USDP (Pax Dollar), which is a stable digital currency issued by Paxos Trust Company.

USDP has been designed to have a stable value relative to the US dollar. “So on Novi, 1 USDP is equal to 1 US dollar,” the website says.

Users can securely keep a balance in their Novi account or transfer it to their bank account.

Paxos Trust Company is a regulated financial institution.

As per reports, Meta Platforms has been working on the wallet app for several months. Due to regulatory concerns, it has scaled back its global plans to roll out a digital currency called Diem.

(Cryptocurrencies are not regulated in India. Investing your money in crypto assets could be risky. Please consult a financial advisor before investing any money in cryptocurrencies).

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Using Facebook Messenger to chat amongst your pals? Well, now you can employ that same app to send funds, too. After hints dropped last fall, the social network announced its tool that sends money inside Messenger would roll out in the US in the months to come. To send a few bucks to someone who grabbed lunch when your forgot your debit card, just hit the appropriately-labeled “$” icon, enter the amount and hit pay. The currency is transferred immediately, but it’ll take a couple of days to show up in the recipient’s bank account — similar to a regular ol’ deposit.

The exchange is powered by a credit or debit card that you’ll need to add to your account before sending/receiving cash for the first time. Once a card is added, you’ll create a PIN that will be entered each time you want to send money. And as you might expect, iPhone and iPad users can enable Touch ID to handle the added security. If you’re worried about keeping your banking details safe, Facebook says its years of experience handling loads of daily payments for games and ads should help you rest easy. What’s more, the connection between your device and Facebook’s servers is encrypted, as are any financial details that you store in the app. The feature is only available in the US right now, and it’ll be accessible on the desktop Android and iOS devices.

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Transfer money and pay bills

Quickly and securely pay your bills or other people, without cash or writing a check

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Transfer money

Easily move money between your Wells Fargo accounts, as well as your accounts at other U.S. financial institutions.

Pay bills

Use Bill Pay to send a payment to a company or person in the U.S.

Add cards to digital wallet

Use it to quickly pay in participating stores, online or in apps, as well as access any Wells Fargo ATM. ,

Send and receive money

Send and receive money with Zelle ® . Using an email address or U.S. mobile number, send money in minutes.

Wire money

Wire money to business and personal accounts around the globe. Set up recipients, send wires, and view history.

Send money to family abroad

Use this affordable and secure way to send money to family and friends in 13 countries throughout Latin America and Asia.

Explore more features

• Manage Accounts
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Find it fast

• Transfer money between accounts
• Make a payment with Bill Pay
• Activate your debit card
• Stop payment on a check

• Transfer funds
• Set up Bill Pay
• Send money with Zelle
• Send a wire transfer

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Terms and conditions apply. Setup is required for transfers to other U.S. financial institutions, and may take 3 – 5 days. Customers should refer to their other U.S. financial institutions for information about any potential transfer fees charged by those institutions. Mobile carrier’s message and data rates may apply. See Wells Fargo’s Online Access Agreement for more information.

Not all smartphones are enabled with a digital wallet. Your mobile carrier’s message and data rates may apply.

Digital wallet access is available at Wells Fargo ATMs for Wells Fargo Debit Cards and Wells Fargo EasyPay ® Cards in Wells Fargo-supported digital wallets. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply. Some ATMs within secure locations may require a physical card for entry.

Enrollment with Zelle ® through Wells Fargo Online ® or Wells Fargo Business Online ® is required. Terms and conditions apply. U.S. checking or savings account required to use Zelle ® . Transactions between enrolled users typically occur in minutes. For your protection, Zelle ® should only be used for sending money to friends, family, or others you trust. Neither Wells Fargo nor Zelle ® offers a protection program for authorized payments made with Zelle ® . The Request feature within Zelle ® is only available through Wells Fargo using a smartphone. In order to send payment requests to a U.S. mobile number, the mobile number must already be enrolled with Zelle ® . To send or receive money with a small business, both parties must be enrolled with Zelle ® directly through their financial institution’s online or mobile banking experience. For more information, view the Zelle ® Transfer Service Addendum to the Wells Fargo Online Access Agreement. Your mobile carrier’s message and data rates may apply.

Enrollment in Wells Fargo Online ® Wires is required, and terms and conditions apply. Applicable outgoing or incoming wire transfer service fees apply, unless waived by the terms of your account. Wells Fargo Online Wires are unavailable through a tablet device using the Wells Fargo Mobile ® app. To send a wire, sign on at wellsfargo.com via your tablet or desktop computer, or sign on to the Wells Fargo Mobile app using your smartphone. Your mobile carrier’s message and data rates may apply. For more information, view the Wells Fargo Wire Transfers Terms and Conditions.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

3D printed Facebook and WhatsApp logos and keyboard buttons are placed on a computer motherboard in this illustration taken January 21, 2021. REUTERS/Dado Ruvic/Illustration

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SAO PAULO, May 4 (Reuters) – Facebook’s (FB.O) WhatsApp messaging service relaunched on Tuesday its transfer money services between individuals in Brazil, after it was blocked by the central bank nearly one year ago, Chief Executive Mark Zuckerberg said in a Tuesday video.

Brazil is the second country where the messaging service launched money transfers. In India, WhatsApp’s biggest market with 400 million users, it got approval to start financial services in November.

By using debit or pre-paid cards numbers, WhatsApp’s 120 million users in Brazil are able to send each other up to 5,000 reais per month through the messaging service free of charge. Initially, the system will not allow each transaction to surpass 1,000 reais or more than 20 transfers per day.

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The roll out of the new feature will be phased, Chief Operating Officer Matthew Idema said in an interview. Starting today, a limited and undisclosed number of users will get a payment tool in their app. With that, they will be allowed to invite new users.

In June, WhatsApp had launched its payments services in Brazil, but the central bank suspended it some days later alleging it could damage the country’s existing payments system in terms of competition, efficiency and data privacy.

In addition to reviewing the proposed payments network, the monetary authority also requested the technology giant be labeled as financial services company in Brazil, prompting Facebook to create a new unit called Facebook Pagamentos do Brasil, which is now regulated by the central bank.

But the central bank has not yet greenlit payments with merchants, which is expected to be a paid service, adding a new line of revenue for WhatsApp. Last year, card payments in Brazil totaled 2 trillion reais ($368.12 billion), up 8.2% from 2019.

Idema said talks with the central bank are still ongoing and Facebook expects the launch of merchant payments to occur this year, declining to comment on whether it will be a paid service.

“For WhatsApp launching payments is interesting because it increases the app usage,” the COO said.

WhatsApp Pay allows you to send money using the Scan QR Code option as well.

STORY OUTLINE

• Facebook-owned WhatsApp has been allowed by NCPI to provide WhatsApp Pay services to its users.
• To send or receive money via Whatsapp Pay, you must ensure that you have the latest version of the WhatsApp app.

• Abc Small
• Abc Normal
• Abc Large

In early November, Facebook-owned WhatsApp and the National Payments Corporation of India (NPCI) announced that WhatsApp will start operating UPI payments service. According to a blog post by WhatsApp, “WhatsApp designed our payments feature in partnership with NPCI using the Unified Payment Interface (UPI), an India-first, real-time payment system that enables transactions with over 160 supported banks.”

NPCI’s statement issued on November 5, 2020 said, “WhatsApp can expand its UPI user base in a graded manner starting with a maximum registered user base of 20 million in UPI.’

Here is a look at how you can set up a WhatsApp Pay account to send and receive money via UPI.

Before you get started, do make sure that you have the latest version of WhatsApp on your Android or iOS phone. Also, according to the WhatsApp blog post, “To send money on WhatsApp in India, it’s necessary to have a bank account and active debit card in India. WhatsApp sends instructions to banks, also known as payment service providers, that initiate the transfer of money via UPI between sender and receiver bank accounts.”

Read on to find out how you can set up a WhatsApp Pay account on your phone.

How to set up account
Step 1: For Android devices, open WhatsApp and click on the three dots appearing on the top right-hand side of the app. For iOS, click on the ‘Settings’ option on the bottom right-hand corner.

Step 2: Select the ‘Payments’ option. Select ‘Add Payment Method’. You will be asked to accept the WhatsApp Payment policies. Click on ‘Accept and Continue’.

Step 3: You will get the list of banks; select the bank from which you wish to make the payments. Further, if you have two bank accounts with one bank, select the bank account, with which you want to make the payments.
While selecting the bank, ensure that the WhatsApp mobile number is the same one linked to your savings bank account. This is because an SMS will be sent on this number for verification purpose.

Step 4: Once the verification is completed, you will be required to set up a UPI PIN for making future payments.

How to send money via WhatsApp

Step 1: From your WhatsApp contact list, select the contact to whom you want to transfer money to. Open the chat option and then select the payment option. If the contact you have selected is not using the WhatsApp payment option, you can transfer the money using the person’s UPI ID of another platform say Google Pay, PhonePe etc. You will get a pop-up informing you that the contact is not using the WhatsApp payment mechanism, after which you can select the ‘Send to UPI ID’ option.

You can also transfer money using the Scan QR Code option.

Step 2: Enter the amount and your UPI PIN. Once the correct PIN is entered, the amount will be transferred to the receiver’s bank account.

Receiving money
If the sender has WhatsApp Pay: If the sender is transferring money to you via WhatsApp Pay, then all he/she has to do is follow the instructions above to transfer the money.

If the sender does not have WhatsApp Pay: If the sender does not have WhatsApp Pay, you can still receive money. You will be required to share your WhatsApp Pay UPI ID to the sender. The sender will enter your WhatsApp Pay UPI ID in the payment platform such as Google Pay, PhonePe Etc. to send you the money. WhatsApp Pay will inform you that you have received money.

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Send or ask for money and Mobile Recharge across Facebook, Whatsapp, Twitter, SMS or e-mail.
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Who can use Ping Pay?

What can you do with Ping Pay?

About Ping Pay

Ping Pay is a multi-social payment app from Axis Bank that lets you send or ask for money and mobile recharge across Facebook, Whatsapp, Twitter, .

Ping Pay is a multi-social payment app from Axis Bank that lets you send or ask for money and mobile recharge across Facebook, Whatsapp, Twitter, SMS or e-mail. And everytime you send or ask for money or recharge, say whatever you have to say to your friends through videos, voice notes, images, or customized messages. So now everytime you have to send or ask for money, simply #PingPayKaro!

Key Features

Ping Pay by Axis Bank is a multi-social payment app that lets you send or ask for money and mobile recharge across Facebook, Whatsapp, Twitter, SMS or e-mail.

• Ping Pay by Axis Bank is a multi-social payment app that lets you send or ask for money and mobile recharge across Facebook, Whatsapp, Twitter, SMS or e-mail.
• Axis Bank customers can send money/recharge, receive money/recharge and ask for money/recharge from anyone in their friend list, without knowing their bank account details using Ping Pay.
• Non-Axis Bank customers can receive money/recharge and ask for money/recharge from anyone in their friend list, without knowing their bank account details using Ping Pay.
• And every time you send or ask for money, say whatever you want to say to your friends through customized messages, videos, voice notes or images!
• Register your bank account details in a few simple steps on Ping Pay – for sending or receiving money, link your account only once and the same can be set as default for all subsequent transactions. You can also add multiple accounts and choose the account you want to send/receive money from.
• Make fund transfers/recharges for FREE using Ping Pay!
• Transaction Limit: Make fund transfers starting from Rs. 1 up to Rs. 50,000 per day using Ping Pay.

Who can use Ping Pay?

Simply put, Ping Pay is for everyone!

Ping Pay can be downloaded and used by both Axis Bank and non-Axis Bank customers. However, .

Simply put, Ping Pay is for everyone!

Ping Pay can be downloaded and used by both Axis Bank and non-Axis Bank customers. However, the send money/recharge feature is available only for Axis Bank customers only. However, non-Axis Bank customers can receive money/recharge using Ping Pay. To receive money/recharge, the receiver bank account needs to be IMPS enabled. Click here to view the list of banks enabled on IMPS.

What can you do with Ping Pay?

Axis Bank customers

• Send Money & Recharge
• Receive Money & Recharge.

Axis Bank customers

• Send Money & Recharge
• Receive Money & Recharge
• Request Money & Recharge

Non Axis-Bank customers

• Receive Money & Recharge
• Request Money & Recharge

Send and receive money using Zelle ® , Venmo ® , PayPal ® and Cash App ® .

Peer-to-peer (P2P) mobile payment apps make it easy and convenient to make cashless electronic money transfers between you and someone else using your mobile device.

At Desert Financial, a member can transfer funds to another member using the Transfers feature in our mobile banking app (and in Online Banking). If you’d like to send and receive money to someone who is not a Desert Financial member, there are peer-to-peer mobile payment app options including: Zelle, Venmo, PayPal and Cash App. Depending on which app you use, you can transfer money with your Desert Financial debit card, credit card and/or bank account.

You may want to bookmark this page as a reference while navigating how to use these apps.

Safety to Remember

• Be sure you are sending your money to the correct person.
• Be certain the transaction you are sending is correct. Once sent, you are not guaranteed the funds back.

Using the Zelle Mobile App

TRANSFER MONEY

After downloading the Zelle app, tap Sign Up to create a new account and follow the instructions as indicated by the app that will include linking your debit card.

Enter the recipient or sender’s email address or mobile number.

Enter the amount to send or receive.

If the recipient or sender is enrolled in Zelle with a partner bank or credit union, money will be moved in minutes.

Important: If the recipient or sender is not enrolled with a Zelle partner bank, you (as a Desert Financial member) will not be able to transfer funds. Desert Financial is not a part of Zelle’s partner network and at least one party is required to be enrolled with a Zelle partner bank or credit union.

HELPFUL NOTES

• You will need to download the app and enter your Desert Financial debit card information.
• Zelle does not charge a fee to make instant same-day transfers.
• Desert Financial members are limited to sending $500 per week because Desert Financial is not in Zelle’s network.

Using the Venmo Mobile App

TRANSFER MONEY

Open the Venmo app, select Personal tap Sign Up to create an account and follow the instructions as indicated by the app that will include linking your debit/credit card or bank account.

Tap Pay or Request.

Select or add the recipient or sender using their name, @username, phone or email.

Tap Pay or Request, add the amount and tap Request or Pay.

HELPFUL NOTES

• Use the personal QR code feature to send money easily and quickly.
• Standard bank transfers with a linked bank account typically take 1–3 business days with no fee.
• Instant transfers to a bank account or Visa ® debit card require a fee charged by Venmo.

Using the PayPal Mobile App

TRANSFER MONEY

Open the PayPal app, tap Sign Up to create an account and follow the instructions as indicated by the app that will include linking your debit/credit card or bank account.

Tap Send or Request.

Enter the recipient or sender’s email or mobile number.

Enter the amount (tap Next); select Friends and Family (tap Next); choose a payment method (tap Next) — then tap Send. Or, enter the amount (tap Next) — then tap Request Now.

HELPFUL NOTES

• A fee is charged by PayPal for sending personal payments using a debit/credit card and for depositing funds from PayPal into your bank account using a debit card.
• A fee is charged by PayPal for instant withdrawals from PayPal to a bank account or card.
• There is no fee charged for standard transfers to a bank account. Transferring funds from PayPal to a bank account typically takes 1–3 business days to process.

Using the Cash App Mobile App

TRANSFER MONEY

Open the Cash App mobile app, enter your phone number or email to create a new account and follow the instructions as indicated by the app that will include linking your debit/credit card or bank account.

Enter the amount to request or pay.

Enter the sender or recipient’s name, phone, email or $Cashtag ® . (What is a $Cashtag?)

Tap Request or Pay.

HELPFUL NOTES

• Use the QR code feature to send money easily and quickly.
• There are no fees to send or receive money. Deposits to your bank account are free and take 1–3 business days to process.
• Instant deposits to your debit card are subject to a fee charged by Cash App.

Pay Anyone, a P2P program currently offered by Desert Financial, is available to established members. To learn more, visit your local branch or contact the Member Experience Center at (602) 433-7000.

Additional Resources

Visa ® Debit Card member Benefits

What Are Mobile Payment Apps and How Do You Use Them?

Get Down with the Digital Wallet: How to Use It and Why

Desert Financial Credit Union is not affiliated with Zelle, Venmo, Paypal or Cash App. All trademarks are property of their respective owner(s). Zelle is a registered trademark of Early Warning Services, LLC. Venmo and Paypal are registered trademarks of PayPal, Inc. Cash App and Cash Tag are registered trademarks of Square, Inc. Desert Financial makes no warranties or representations about the goods or services offered and accepts no liability for the use of such products or services.

In March, social media giant Facebook officially announced it was going to launch a new payment service through its messenger application. Users can now send friends money through the app for no cost after entering an optional PIN or touch ID for extra layers of protection.

What are Facebook payments?

Current Facebook users can link their debit card to the messenger app’s settings section and send mobile peer-to-peer payments to their friends by striking up a conversation. Once two friends engage in dialogue, a “$” icon will appear above the keyboard. All users have to do is enter the amount they wish to transfer and select the pay option.

Facebook payments users can also fund and complete transactions to third-party companies that advertise on the platform as well. Once the payment is successfully processed, Facebook transfers the value of the transaction to the developer offering the content the consumer wishes to purchase.

Users can only enter their debit card information because the company said it wanted to minimize and avoid fees as much as possible. Similar to bank transactions and deposits, payments could take up to three business days to go through. Facebook is looking to explore the popular mobile payments space and keep users on its site longer. According to its F8 developers conference in March, its messenger app was used by 600 million people worldwide (1).

What does this mean for ecommerce businesses?

For one, Facebook payments provide a direct link for your ecommerce business to the consumer. Since their debit card information is already linked to the platform, the payment is seamless and easy to use. Facebook is already a major advertising platform, and now that users can link their payment information to the social media outlet, they can make purchases more quickly and easily than ever before.

In addition to creating a seamless payment funnel for consumers, Facebook payments also open up a world of opportunities for its advertisers. Facebook already sells individuals’ personal information to companies that market on its platform, and it’s likely your ecommerce business can obtain individual card numbers and purchase history as well. By getting this information, your online business can better optimize its outreach to consumers, sending more relevant messaging and offers. This type of customized marketing approach may gross higher bottom-line gains as a result.

Send money internationally

Western Union Holdings, Inc.

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• • 4.8 • 477.6K Ratings

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iPhone Screenshots

Description

Download the Western Union® (WU) money transfer app and quickly start sending cash worldwide, 24/7!

Transfer money internationally to friends and family in 200+ countries and territories completely digitally – or send cash globally to an agent location for pickup.

USE THE TRUSTED MONEY SENDING APP :
– Send money globally from the US quickly, 24/7
– Track your money transfers or pickup, instantly
– Repeat transfers to family & friends using quick resend
– View live exchange rates for US & global currencies
– Make international bill payments & manage accounts
– Find thousands of US agent locations for cash pickup
– Access the app with secure touch ID login
– Receive discounts through My WU Rewards

SENDING YOUR MONEY IS QUICK AND EASY
Download the app and create an account to quickly get your transfer started. Send money with a few taps and pay for it instantly with your debit or credit card – or start a money transfer and complete the payment in cash at a nearby agent location. Your family and friends can receive the funds through wire transfer directly to their bank account or mobile wallet – or pick up the cash at a convenient location near them in their own currency. Western Union has more than 500,000 locations in over 200 countries and territories.

TRUSTED INTERNATIONAL MONEY TRANSFERS
It’s easy to send money abroad with the WU app. Track all of your own money transfers immediately after hitting “Send”.
Send money to over 500,000 agent locations for pickup:
– AFRICA: Including Ghana, Ethiopia, and Kenya
– ASIA: Including China, India, and the Philippines
– EUROPE: Including France and the UK
– NORTH AMERICA: Including Mexico, Latin America, and the Caribbean
– SOUTH AMERICA: Including Brazil and Colombia
– AUSTRALIA

Money transfer to mobile wallets is available for some international locations. Western Union also offers money transfers and cash pickup for overseas US military bases.

SEND MONEY WITHIN THE US
You can send funds domestically with the WU app as well. Send money to family and friends through wire transfer to a bank account or mobile wallet, set up cash pickup at a US agent location, or transfer money into a correctional facility account (for a county, state, or federal prison inmate).
MAKING THE MOST OF YOUR WESTERN UNION APP
In addition to tracking details of money transfers you’ve sent and making payments, use your WU app to look up US agent locations. You can visit any of the 42,000 US locations to complete more Western Union transactions, including:
– Paying cash to complete a transfer you started on the WU app
– Sending money orders
– Reloading prepaid phone minutes (up to $15 USD, for select mobile operators in Colombia, El Salvador, Ghana, Guatemala, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Nigeria, and the Philippines)
– Picking up cash as a receiver

FEES AND IMPORTANT DISCLOSURES
Western Union makes money from both transfer fees and currency exchange. When choosing a money transmitter, carefully compare the transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.
Please use care when providing commissary or bank account information. Funds will be paid into the account corresponding to the account number you provide.

When using a credit card to send money through WU, an issuer cash advance fee and associated interest charges may apply. Use a debit card to avoid these fees and charges.
Services may be provided by Western Union Financial Services, Inc. NMLS# 906983 and/or Western Union International Services, LLC NMLS# 906985. See terms and conditions for details.

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Today, Facebook announced a new feature for its Facebook Messenger app for iOS that allows users to transfer money.

Facebook Messenger users can now send and receive money right within the app, which allows the social network to compete with other money sending services like PayPal. The new feature is completely free to use.

Sending a friend a payment can be done by simply tapping the “$” icon located at the top of the keyboard, which is also where stickers are accessed and photos can be taken or inserted from your photo library. After tapping the icon, users can enter the amount they wish to send and tap “Pay” in the top right corner to process the transaction.

When you use payments feature, the app will prompt you to add a debt card to make the payment. Receiving money can be done in a similar fashion. Simply open the conversation from the friend who sent the payment and add a debt card to accept the money. All funds are transferred immediately, however it can take anywhere between one and three business days for the money to be made available.

“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.

The first time you send or receive money in Messenger, you’ll need to add a Visa or MasterCard debit card issued by a US bank to your account. Once you add a debit card, you can create a PIN to provide additional security the next time you send money. On iOS devices you can also enable Touch ID. As always, you can add another layer of authentication to your account at any time.”

Facebook says that they used multiple layers of software and hardware to protect all transactions. On iOS, users have the option to secure the app with Touch ID.

The feature will be rolling out over the coming months in the United States across iOS, Android, and desktop. Facebook has not announced any plans to expand outside of the United States, however if the initial roll out goes well the company could look to expand the feature to other countries around the world.

Facebook Messenger is available as a free download from the App Store. The app requires any device running iOS 7 or later and has been optimized for the iPhone 5, 6, and 6 Plus.

With Current, you can instantly send and receive money for free to other members on Current when you use your Current

tag. For secure, fast and free payments, Current has you covered.

Sign up in less than 2 minutes

Cash sharing made easy

In order to send payments with many banking apps, you have to deal with third-party systems that place unnecessary barriers between you and the person you need to send a payment. If you’ve ever used an online payment app, you know the struggle.

Current has its own money sharing feature. Using your Current

tag you can easily and instantly send or receive money without any fees on Current Pay. It’s cash sharing made easy.

Send money to friends and family easily

Moving at your own pace means being able to pay people online, and move money whenever and wherever you please. Having a solid money sharing app is a must for anyone living on their own terms.

At Current, that’s what we want for you, and it’s why we took the time to design a banking account and mobile app that allows you to easily send money to friends and family. Sign up for Current in less than two minutes and start sending money instantly for free today.

Customer Reviews

” I love this app: Best banking app I’ve ever had! I 10000% recommend. Fast and easy direct deposit, easy transfers. I really enjoy his app “

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” Fast and Easy: Getting around this app goes smoothly and you earn points at certain stores. Saving money while spending it? Yess please!! “

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Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Metropolitan Commercial Bank, Members FDIC. The Current Visa Debit Card is issued by Choice Financial Group and Metropolitan Commercial Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

By clicking “Sign Up” I agree to receive Current messages to my mobile number and to the terms and privacy policy. Message & data rates may apply. Reply STOP to cancel.

¹Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to payer’s support of the feature and timing of payer’s funding.

*Overdrive™ is available only on Current Premium Accounts and requires $500 in qualifying direct deposits on Current each month. Members will be notified by Current when they are eligible and must opt-in to Overdrive™. The Overdrive™ limit starts at $25, allowing members to overdraft their accounts up to $25 on debit card purchases without any fees, and accounts are reviewed periodically for increases up to $100 at Current’s discretion. Your limit may change based on your account history, spending activity, or other risk-based factors. You will receive a notification of any changes to your limit and your limit may change at any time at Current’s discretion. Your limit and remaining balance will be displayed to you in the Current app. When you receive your next deposit, Current then will apply funds towards your negative balance. Overdrive™ will not cover any non-debit card purchases, including ATM withdrawals, ACH transfers, P2P services (PayPal, Venmo, Cash App, or similar services), Current Pay transfers and checks. See terms and conditions.

²Out-of-network cash withdrawal fees apply. Third-party and adding cash fees may apply.

“Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank ©2014.

Whether you’re helping out a friend in need or covering your half of that dinner out last week you have a lot of options when you need to transfer money person to person these days. We’re going to cover some of the most popular, fastest, and cheapest methods.

Transferring money person to person (P2P) used to be a bit of a hassle and pretty limited. You’d either need a bank account, where you could wire the money, or you’d have to send a paper check.

The Best Ways to Transfer Money Person to Person

Today, there are so many options available, the question isn’t really how to do it anymore, it is which method is the best for me?

We’re going over some of the better options out there based on speed, popularity, cost, and flexibility.

Cost: Free

Where to conduct transfer: In person

Worldwide: No

Cash is probably the easiest way to transfer money P2P. There’s no fee, no limit, and no waiting. However, you obviously have to be able to meet in person – you never want to send cash in the mail. So, distance could be a barrier. Another con is there is no paper trail proving you made a cash transfer, so if you need proof of payment, you will have to use another method.

Money Transfer

Cost: Fee that varies on location

Worldwide: Yes

A money transfer is the modern-day money wiring service. Your local Community Currency Exchange Association member location can help you send money easily and within minutes with a money transfer. Just bring in the cash (some locations also accept a debit card payment) you want transferred, along with some basic information for the receiver. There are multiple pickup options for the receiver to accept their payment. Call your nearest CCEA location today for details. Money transfers can also be sent worldwide, making them one of a few great options for sending money internationally.

Venmo

Cost: Free (3% fee applied when using a credit card)

Where to conduct transfer: Online

Worldwide: No

Venmo is an awesome online P2P payment service. Both parties need to create a free account to use it, but setup is fast and easy. You transfer money using a contact’s phone number or email, and as long as you pay with your Venmo balance, bank account, debit card, or prepaid debit card, it’s completely free. Money that you receive remains in your Venmo balance. You can use this to make future money transfers or as payment options for websites/apps that are approved to offer Venmo as a payment option. You can also transfer it to your bank account or debit card. This is free but can take 1-3 business days. Venmo does offer an instant transfer to your U.S. bank account or debit card, that typically takes 30 minutes, for a 1% fee. They do not offer buyer or seller protection, so it’s best to use this app with someone you know and trust.

Zelle or Other Bank Person to Person Payment Service

Cost: Free (unless your individual bank charges you a fee for using it)

Where to conduct transfer: Online

Worldwide: No

Zelle lets you send and receive money between different bank accounts, so you do need a U.S. bank account to use this service. It’s easy and free. Hundreds of banks and credit unions are already integrated with Zelle. The best part about using Zelle is that, unlike many of the other P2P payment services, money is typically delivered within minutes. Zelle is similar to Venmo in that it is not for buying and selling and does not protect against these transactions.

PayPal

Cost: Free if using a linked bank account

Where to conduct transfer: Online

Worldwide: Yes

PayPal is probably one of the most well-known ways for sending someone money. It’s a simple way to send money to family and friends. It’s free – if you use a linked U.S. bank account or your PayPal balance. Unlike many of the other options here, there is a 2.9% fee for using a credit or debit card plus a fixed fee based on the amount of the transaction. Both the sender and receiver need to have a PayPal account, but it is free and simple to setup. You can transfer your balance to a linked bank account for free, typically within the next business day or so, or use their Instant Transfer feature for a small fee. PayPal also has options for sending money internationally to a PayPal account, although this does cost a fee.

Cost: Variable cost

Where to conduct transfer: Online

Worldwide: Yes

Xoom is a PayPal service you can use to send money internationally to a bank account, for cash pickup, or for cash delivery straight to your recipient’s door! Options and fees depend on the location you are sending to and the method of payment.

Google Pay

Cost: Free

Where to conduct transfer: Online

Worldwide: No

Google Pay can be used to pay friends and family with a payment method through your Google Account. Payment methods for transferring funds must be a debit card or bank account. Transferring money is easy using a contact’s phone number or email and you can quickly cash out payments to a linked debit card or bank account. Google Pay is particularly secure and covers 100% of all verified unauthorized transactions.

Facebook Pay

Cost: Free

Where to conduct transfer: Online

Worldwide: No

You can now use Facebook Pay to transfer money to friends on Facebook, Instagram, and Messenger for free. All you need is a linked payment method such as a credit card, debit card, or PayPal account. Security measures in place like fraud detection, a personalized PIN, and your own device’s protection practices, like fingerprint or facial recognition, help to keep this a secure method of payment.

Consider This When Transferring Money

Although there are so many more ways to transfer money P2P now, there are some things you should always keep in mind before choosing a service.

Firstly, remember that costs and stipulations always change. What might have been free or easy to use at the time of this posting, might not be in a week, month, or year. So, always do your research before deciding how you’re going to transfer money.

Secondly, some of these services mentioned provide protection for your money transfers; others do not. If you want to be sure that your money transfer is safe and guaranteed, you need to check the terms of the service provider.

Lastly, a lot of the current P2P payment services today require both the sender and the receiver to have an account. You’ll need to check with the person you are transferring to before-hand if you want to avoid a hassle. They may not want to create an account or might have a difficult time creating one if they aren’t tech-savvy.

Messenger’s long-rumored payments product has arrived.

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Facebook users can now send money to one another through the company’s standalone messaging app, Messenger.

The long-rumored product was unveiled Tuesday, and lets users tie their debit card to their Facebook account in order to pass money through messaging. The Messenger app now includes a small “$” icon above the keyboard which opens a payments screen where users can type the amount they wish to send.

The money is then transferred through Facebook, which holds the money for “seconds” before sending it along to the other user’s bank, according to Facebook product manager Steve Davis. If the recipient doesn’t have a card attached to his or her account, Facebook will hold the money until they’ve set one up.

The new product makes Facebook an instantaneous competitor to other peer-to-peer payments companies like Venmo, Square and even Snapchat, which rolled out a similar pay-through-text service in November called Snapcash.

“We realized that there were all these conversations [on Messenger] that were forced to go somewhere else in order to actually finish,” Davis said. “You had to go to another platform to actually pay another person.”

Unlike Snapchat, which partnered with Square to handle the actual money transfers, Facebook built its entire system in-house. That means that debit card info will be housed on Facebook servers.

The company has stored data like this for years already when people pay for games or gifts through the platform. Messenger payments are a good way to get more debit cards on file in case Facebook does decide to expand further into commerce later on; the company is already partnering with Stripe to power the Buy button, and that test is likely to expand.

Facebook did add extra safety for Messenger payments: A user PIN or Touch ID, if the user is on an iPhone. No payment can be sent without that PIN, which the user will create when they set up their account (or with the thumbprint scan). Users could opt out of this feature if they want to, but will be prompted to create one at registration, Davis says.

The product won’t come as a shock to people who have followed Facebook closely. Last summer, Facebook hired PayPal’s David Marcus to run all messaging products, and in the company’s subsequent earnings call, CEO Mark Zuckerberg hinted that payments were on the way.

“Messenger will have — over time there will be some overlap between that and payments,” he said during the call.

One thing that could make Tuesday’s announcement a little surprising is that Marcus has said in the past Facebook doesn’t plan to build a payments business. Davis echoed that sentiment to Re/code.

So what’s the difference between a payments product and a payments business? Revenue, says Davis.

“We’re not trying to make a profit out of payments,” he said, adding that Facebook offers lots of tools like stickers and photos but it’s not a stickers or photos business either.

Facebook is not charging users a transaction fee to pass money back and forth. So for now, the company isn’t using Messenger payments for revenue. You could imagine, however, a time in the future where you could pay for other goodies through Messenger, like your movie tickets or a gift for a friend.

Davis declined to comment on the future of the product. The product will be a “phased rollout across cities in the U.S.” on iOS and Android with international cities coming down the road, according to a spokesperson.

This article originally appeared on Recode.net.

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Quickly send and receive money with Zelle В® .

No checks. No cash. No hassle. Zelle ® makes sending, requesting and receiving money fast, safe and easy 1 – and it’s free for U.S. Bank personal banking customers. Start using it today in the U.S. Bank Mobile App.

Why use Zelle В® ?

It’s safe.

With Zelle ® , money travels directly between accounts with no stops in between. And as a U.S. Bank customer, you’re protected by our Digital Security Guarantee.

It’s fast.

Money you send with Zelle ® can be in your recipient’s account in minutes, 2 making Zelle ® an ideal way to share the cost of expenses between friends or send the gift of money.

It’s convenient.

Find Zelle ® in the U.S. Bank Mobile App or online banking. All you need to send money is the recipient’s email address or U.S. mobile number.

It’s easy.

Sending money is easy. Simply pick a trusted recipient, enter an amount and hit Send. You can track your payment in mobile or online banking. Requesting money is just as easy. 3

It’s personal.

If you like, you can choose from a wide variety of colorful, entertaining eCards to send with your Zelle ® payment. Add a personal touch for any occasion – or just a bit of fun for no reason at all. See our eCard FAQ.

Note: As with any financial interaction, we recommend that you use Zelle В® only with people you know and trust.

Already have the U.S. Bank Mobile App?

View these interactive tutorials to see how easy it is to use Zelle ® . You’ll be up and running in no time!

You can also use Zelle В® in online banking.

You can start using Zelle В® anytime when banking online. Simply log in to your account and explore everything you can do.

Next time you reach for cash or checks, give Zelle В® a try instead.

Make a payment that really counts.

When disasters strike, we make it easy to contribute to the American Red Cross with Zelle В® . 4 Support their mission to provide care, shelter and hope to Americans in need. To donate during times of crisis:

In the U.S. Bank Mobile App: Look for the American Red Cross banner on the Zelle В® Select Recipients screen.

In online banking: Look for the American Red Cross banner on the right side of the My Accounts page.

Frequently asked questions

What is Zelle В® ?

Zelle В® is a fast, safe and easy way to send money directly between almost any bank accounts in the U.S., typically within minutes. 2 With just an email address or U.S. mobile phone number, you can send money to people you trust, regardless of where they bank. 1

Who can I send money to with Zelle В® ?

You can send money to friends, family and others you trust. 1

Since money is sent directly from your bank account to another person’s bank account within minutes, 2 it’s important to only send money to people you trust, and always ensure you’ve used the correct email address or U.S. mobile number.В It’s easier to be sure when you select your recipient from the Zelle В® Ready Contacts list on your Select a recipient screen within Zelle В® . See What are Zelle В® Ready Contacts? below for more information.

How do I use Zelle В® ?

You can send, request, or receive money with Zelle ® . To get started, log in to the U.S. Bank Mobile App or online banking and navigate to Send money with Zelle ® . Select an email address or U.S. mobile number that friends will use to send you money, enter a verification code if you receive one, select the receiving account and select Enroll. You’re ready to start sending and receiving money with Zelle ® .

To send money using Zelle ® , simply select someone from your mobile device’s contacts (or add a trusted recipient’s email address or U.S. mobile phone number), add the amount you’d like to send and an optional note, review, then hit Send. In most cases, the money is available to your recipient in minutes. 2

To request money using Zelle ® , choose Request money, select the individual from whom you’d like to request money, enter the amount you’d like to request, include an optional note, review and hit Request. 3

Selecting a recipient is easier and more error-proof using ZelleВ® Ready Contacts. See What are Zelle В® Ready Contacts? below for more information.

To receive money, just share your enrolled email address or U.S. mobile phone number with a friend and ask them to send you money with Zelle В® .

Someone sent me money with Zelle В® . How do I receive it?

If they sent the money to an email address or U.S. mobile number you have already enrolled with Zelle ® , you don’t need to take any further action. The money will move directly into your bank account, typically within minutes. 2

If someone sends money to an email address or U.S. mobile number you have not yet enrolled with Zelle В® , follow these steps:

1. Follow the link provided in the payment notification you received via email or text message.
2. Select U.S. Bank.
3. Follow the instructions provided on the page to enroll and receive your payment. Pay attention to the email address or U.S. mobile number where you received the payment notification – you should enroll with Zelle ® using that email address or U.S. mobile number to ensure you receive your money.

What types of payments can I make with Zelle В® ?

Need to pay or get paid ASAP? Send and receive instant bank transfers 24/7, and top up your account in seconds. Plus, enjoy free instant money transfers between N26 friends with MoneyBeam.

MoneyBeam—free instant payments

Forget waiting to be paid back, or typing in tricky bank details. With N26 MoneyBeam, you can instantly request, receive, and send money to your N26 friends at lightning speed.

Add new N26 friends with just an email or phone number, and MoneyBeam them on the spot.

Instant bank transfers

Pay and get paid in seconds, not days. Need to settle an urgent bill on the weekend? Instant bank transfers work 24/7, so your money will arrive immediately to a bank account in the SEPA area—even if it’s not an N26 account.

Best of all, sending and receiving instant bank transfers is 100% free for premium customers, and only costs €0.99 to send for N26 Standard customers. No delays. No waiting. No problem.

Top up your account instantly

Ready to get started with N26 right away? After signing up, instantly top up your account with your debit or credit card, Apple Pay, or Google Pay and start spending immediately—even before your card arrives in the mail.

Get instant money transfers with N26

Join 7 million customers worldwide, and easily make instant payments from anywhere, anytime. Compare N26 bank accounts now and sign up online in 8 minutes, directly from your smartphone—no paperwork needed!

An instant payment is a type of money transfer from one bank to another that’s complete in a matter of seconds, rather than a few business days. Instant payments are available 24/7, 365 days a year. When you send an instant payment with N26, the recipient receives the money in their bank account almost immediately, making it a convenient way to pay last-minute bills and avoid late fees, or to quickly send and receive money from others.

A standard SEPA bank transfer usually takes about 2-3 business days for the money to be available to the recipient. In contrast, an instant bank transfer—also called SEPA Instant Credit Transfer—only takes seconds, so the money is available for the recipient to use almost immediately. Standard SEPA bank transfers are only processed on business days, whereas N26’s instant bank transfers are processed around the clock—24 hours a day, 365 days a year. This means that instant bank transfers can be sent and received by N26 customers at any time, even on public holidays or weekends.

Receiving instant bank transfers—also known as SEPA Instant Credit Transfers—is free for all N26 customers. Sending an instant bank transfer is free for all N26 Smart, N26 Business Smart, N26 You, N26 Business You, N26 Metal, and N26 Business Metal customers. For N26 Standard and N26 Business Standard customers, a €0.99 fee applies. All N26 customers can also use MoneyBeam to instantly pay and get paid from their N26 contacts at no extra cost.

N26 customers can use MoneyBeam to instantly request, send, and receive money from others who also bank with N26, without having to enter their bank details. MoneyBeam is free for all N26 customers. To send a MoneyBeam, open your N26 app and tap on ‘Send Money’, select ‘MoneyBeam’, and follow the prompts. To request money from another N26 customer, tap on ‘Add Money’ then ‘Request from N26 friends’ and follow the prompts.

N26 has partnered with Wise (formerly TransferWise) to offer easy, fast, and reliable international money transfers in 38 currencies. Simply select ‘Send money’ in your N26 app, then tap ‘Foreign Currency Transfer’. With N26 and Wise, you’ll always get the real market exchange rate, no hidden fees, and full transparency—we’ll show you a detailed overview of the low transfer fee and the exact amount the recipient will get in their bank account before you confirm the international money transfer.

Once you’ve opened an N26 bank account, you can top up your N26 account instantly with a debit card, credit card, Apple Pay, Google Pay, iDEAL (only in Netherlands), GiroPay (only in Germany), EPS (only in Austria) and Bancontact (only in Belgium). You can also top up your N26 account by requesting money from your N26 contacts via MoneyBeam, depositing cash at a CASH26 partner store, or making a SEPA bank transfer from another bank to your N26 account.

App available to customers aged 11+ using compatible iOS and Android devices and a UK or international mobile number in specific countries.

What is Paym?

Receive and send money to someone else through our app by using their phone number.

No need to find out their sort code and account number and they don’t even need to be with NatWest.

To send the payment using this method successfully, both you and the person you are sending money to need to be registered for Paym.

How to register for Paym

Make sure to have your mobile phone handy for this part.

Open your NatWest app, tap on the ‘My Profile’ icon at the top right of your screen.

Tap on ‘Paym registration’.

Select the account you want to link Paym to. This will be the account money will be sent to if someone pays you using Paym.

You’re now ready to send and receive Paym payments.

How to make a payment with Paym

If the person you are paying isn’t registered for Paym, the payment won’t go through and the app will let you know.

Open your NatWest app, tap on the account you want to make a payment from, select ‘Payments’ and then ‘Pay your contacts’.

Select the person you want to pay from your contacts, or enter their mobile number. Enter the reference and the amount you wish to send.

For added security you may be asked to authorise this payment. If this happens you will see the ‘Authentication required’ screen. Just tap ‘Next’.

Just re-enter your mobile app’s log in details, to re-confirm it’s you.

Tap ‘Continue’ and select the reason for payment.

Check the details are correct and tap ‘Make payment’ to send money.

Alternatively you can pay someone new using their sort code and account details. Find out other ways of making payments from our app.

You can also watch our handy video guide on how to send Paym payments. Watch it now.

You must have available funds to send from your account (including any overdraft facility).

There is a maximum of 20 payments totalling £250 per day. You must be aged 16+. Pay anyone who is registered for Paym.

Received a Paym text?

If you received a text from Paym, it means that someone has tried to send you money using the Paym service. The text will not ask you to send personal details or include any direct links, if the text you received has then it’s likely a scam text.

Visit our Security Centre to learn about protecting yourself online.

Cash is passe, say digital mavens. If you really want to pay your friends back for that pizza party, use an app to shoot money to their mobile-phone number—or their Facebook account.

Such technology-enabled peer-to-peer payments are growing quickly. Forrester Research predicts mobile peer-to-peer payments will hit $17 billion by 2019, growing an average of 26 percent annually. That compares with expectations of total U.S. mobile payments of $142 billion by that year.

PayPal and its Venmo service have carved out an early lead in the arena, particularly among millennials. Venmo has been growing by leaps and bounds: It processed $2.4 billion in payments in 2014 and almost that much—$2.1 billion—in the most recent third quarter alone.

The buzz has grown loud enough that even Apple may join the fray, perhaps as early as next year, according to recent reports. (Apple declined to comment.) Though it’s not yet time to throw away your checkbook; peer-to-peer payments are still just a sliver of total online spending.

Here’s a closer look at your current options for blasting digital dollars to your online acquaintances:

How it works: PayPal lets you send money directly to other people via its website or app, much the same way you can use the service for online shopping. It also offers a dedicated site called PayPal.Me, which generates personal links you can send to your deadbeat friends so they can transfer money directly to your PayPal account.

Payment limit: No limit if you’ve linked your bank account to PayPal, but $10,000 dollars if you’re paying via a linked credit card.

Fees: None if you’re sending funds from a link bank account, but there’s a 3 percent charge if you use a credit card.

How it works: Venmo’s app adds a social component to payments. Users sign up via the app and connect to friends who have also signed up. You have to add a description for each payment you send, which—just like a Facebook post—you can then choose to make public, restrict to your Venmo network or keep private. Venmo is owned by PayPal.

Payment limit: New users face a rolling weekly limit of $300. Once you confirm your identity by linking your Facebook account or providing other personal information such as part of your social security number, the limit goes up to $3000.

Fees: Free for transactions via bank accounts or debit cards; 3 percent charge per transactions via credit cards.

How it works: Sign up for the Square Cash app or on the Cash.me website and you’ll get a personal link called a “$Cashtag” that people can click on it to send you money. Square has also worked with Snapchat and Twitter (whose CEO Jack Dorsey co-founded Square) so that you can send money on those networks via “$Cashtags.”

Payment limit: An initial $250 spending limit per week. You can verify your identity via the last four digits of your Social Security number or by linking to a Facebook account, which ups the limit to $2,500.

Fees: Free for transactions via a bank account or debit card; 3 percent charge per transaction to link to a credit card.

How it works: Facebook payments operates via Facebook’s Messenger app. To send or receive money you must add a debit card (U.S. banks only) to your account. To send money, open a chat with a Facebook friend, click on a dollar sign icon and enter the amount you want to send. To receive the money a person has to add their own debit card to their Facebook account.

Payment limit: None

How it works: First, you need a Google digital wallet; once you have that, you can send and receive money via Gmail by clicking on the dollar sign icon in the Gmail toolbar. You can either send or request payments; once you’ve established the amount, you “attach” it to an email message much the way you’d attach a document.

Payment limit: $10,000 per transaction

How it works: Citibank, Bank of America, Wells Fargo and many regional banks offer person-to-person payments via Popmoney. (You can also sign up for the service on your own if you like.) Like other services, it lets you send or request money by way of a person’s email or phone number.

Payment limit: $500 per day if you link a debit card, $2,000 per day from a bank account.

Fees: 95 cents per completed transaction, either payment or request. It’s free to pick up a payment.

How it works: Most major national banks have offered online payment services for years under names such as Chase QuickPay or Bank of America Mobile Pay. The services run through bank websites and apps, and let you can send money from your bank account via your recipient’s email address or phone number.

Payment limit: Varies; typically $1,000 to $3,000 per transaction.

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