There is no transaction fee for this app titled Send Money
PayPal has launched a Facebook application that lets users of the social networking site send money to each other freely.
The application, named Send Money, gives you the choice to send either an ecard with money or just money with no card. For friends, it features an e-card containing a message, photos and videos to mark special occasions like birthdays, anniversaries and festive occasions.
JB Coutinho senior product marketing manager at PayPal said in a blog post, "In a world that’s turning increasingly to social media, we are giving our customers the flexibility to send their money to whoever they want, whenever they want and for whatever ‘occasion’ they want."
The users also have the option of creating an automatic post on their friends’ walls mentioning the payment once they send it. Otherwise, any message attached to the payment is kept private.
Since this is the first app to enable peer-to-peer payments via Facebook and PayPal, there is no transaction fee.