November 18, 2011 0

Facebook and PayPal have teamed up to power the cash transfers, to let Facebook users send cash to their friends. The news came up on Thursday, which has many noticing the same venture.

PayPal has tailored a “Send Money” application for Facebook, which allows members of the online community tie money to occasions such as birthdays or send it in an unadorned online transfer.

JB Coutinho, PayPal marketing manager had a detailed blog post to announce the same, wherein she said, “We are bringing the largest online payments company to the world’s largest social network to make it even easier to send money to your friends and family directly from Facebook.” She continued noting that the venture would help users to actually make a monetary transfer on special occasions. She noted, “Our new Send Money application on Facebook allows users to turn those wall posts into actual gifts.”

If one wants to opt for the said transfer, the process is simple as one can announce the gifts of money sent to Facebook members through PayPal with digital greeting cards, videos, or pictures. Basically, the process would have links, in e-cards or messages, followed to culminate in cash transfers.

PayPal seems to addict people to be using the service as it is not charging any fee for the same. However, the ‘no fee’ clause is only applicable to Facebook users in the U.S. Another restriction is that the transactions should be done via one’s accounts with the eBay-owned online financial service or banks.

Coutinho said that there was a reason behind the application, which was more like an imaginary connectivity. She said, “Imagine the smile when someone gets money for a cold beer and a message saying ‘This one is on me.'” With the same she even said, “PayPal is going to where friends and family connect now.”

Co-incidentally, PayPal has come up with a Facebook app, when Skype detailed its improved software, allowing Facebook members to engage in video calls with one another using the Internet telephony service. The two services are announced on the same day, which keeps Facebook live in the happy sections of news bits.

On the whole, social payment transactions are rising every day and PayPal is helping the cause in a big way.

PayPal’s Anuj Nayar even had a few points to note, when he said, “The PayPal and Facebook infrastructure have now merged.” He continued saying, “This is another way to personalize the act of giving money.”

PayPal, as it is records more that 500 million ecards being sent on a daily basis. This can only be of guided help to ease the process of those givers and receivers, that the app finds a way in the social networking site, which has more than 800 million users.

PayPal seems to be intelligently incorporating the app, just a month before Christmas, as this would guarantee a number of transactions taking place. One month would be decent time to let users know about the service, as to how to use it, how much to transfer and to even set the time frame of sending and receiving the same. Additionally, keeping it as a free service would help the count of transactions take a giant leap.