Photo: Illustration: Ellis Hamburger
PayPal just unveiled its “Send Money” app for Facebook which will allow any of its 800 million users to send each other money and cash-filled e-cards for free, Mashable reports.Transfers from a PayPal balance or bank account are free, which is most person-to-person transactions anyway.
Using a credit card incurs a merchant fee of around 3%, as you might expect. International transfer fees also still apply.
But don’t worry—Facebook “credits” aren’t remotely involved.
Send Money is now the easiest way to send money to a Facebook friend, even if you don’t have their phone number or email address. We’d expect a big uptick in sign-ups for PayPal.