Lock up your Facebook accounts, you can send money with them now

Look out PayPal, Facebook lets you send money for free

Facebook is now letting you use its Messaging service to quickly send money over to friends, with no charge. All you need to do is register a debit card with Facebook and you can easily pay your friend back for that weekend loan or send your colleague money to get you a coffee on the way to work.

Best look after your Facebook password

Once the requisite cards are linked and payment initiated, it will take between one to three business days for funds to clear, says Facebook.

Facebook insists it's all perfectly safe, much like how safe it is to pay for games on Facebook. We're looking at you, Candy Crush addicts. Payments, Facebook says, are encrypted. Also, the payment system is in its own secured system separate from Facebook so hacking into Faceboook won't necessarily give hackers access to a gold mine of debit cards.

The question here is, if the system is free for users, just how will Facebook be making money and then there's wondering how Facebook will recoup any of the costs involved in sending payments.

The feature is US-only for the moment and we'll have to see if and when it arrives here. Right now, that dual-authentication feature for Facebook is looking pretty darn necessary.

[Source: Facebook]