Facebook users, be alert! You can now send money to your friends using Messenger app, Facebook money transfer service. This is the social network’s first foray into peer-to-peer money transfer.

The company from Silicon Valley will compete with the payments providers such as PayPal and Square, and potentially large banks.

The Facebook users need to upload a Visa or MasterCard debit card to their Messenger app to send payments to their friends for free only. The social media site is adding a new feature to its messaging app that allows friends to send and receive money through it easily and freely.

There will be an option enabled after the updation in the app. The users need to click a dollar icon in a new chat window to send money to their friends.

Before the above process to take place, you have to link a Visa or MasterCard debit card issued by a U.S. bank to your accounts.

It is said that the Facebook Messenger money transfer service will be available to the users of US. Android, iOS users can get the service for free of cost.

A security factor came into picture for which you can create a PIN or enable Touch ID for their iPhone.

Snapcash is one of the similar services introduced by Snapchat.

Twitter also experimented this way. It did with person-to-person money transfer that enabled users to tweet cash to their followers.