Facebook Messenger will now allow users to send money to friends at no cost

Facebook has reportedly announced that it is adding a new feature to its platform that will allow users to send and receive money at no cost.

The company said that users have to hit a small "dollar" icon that appears in Messenger and type in the amount they want to transfer. The money is then sent right away however, it may take one to three days to show up in your bank account, reported The Verge.

The social media giant said that it is using secure systems that encrypt the connection between users and Facebook as well as their card information when they ask the website to store it. Users can also add a PIN code or Touch ID for an added layer of protection.

Facebook added that the payment systems are kept in a secured environment that is separate from other parts of the Facebook network and receive additional monitoring and control. Also, a team of anti-fraud specialists watch out for suspicious purchase activity to help keep accounts safe.

The firm said that users will have to add a Mastercard or Visa debit card issued by a U.S. bank the first they use payments.

The service is expected to be rolled out to iOS, Android, and desktop in the U.S. over the coming months.