PayPal began as a way to help people pay their friends easily. Now, it’s taking the logical step of enabling Facebook users to pay their friends using a new Send Money Facebook app.
The new app allows a user to send a personal payment for free as long as its tied to a PayPal balance or a bank account. If users fund the payment through a credit card, it costs 2.9 percent plus 30 cents and the payer, or sender, pays. Payments overseas incur a fee of up to a few percentage points depending on whether it utilizes a credit card.
This is, in some ways, just a simple onramp for PayPal to get people to send money through Facebook. Instead of getting people to go through PayPal, they can just initiate payments in the place where people spend a lot of their free time. But again, it’s just an onramp. Payments ultimately have to be completed by signing on to PayPal. You also have to enter in a user’s email address because payments are tied to an email. Still, it’s an obvious move to tap the 800 million members of Facebook. And if it can get people to load up their PayPal balances more, it can mean extra income from interest on those funds.
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