Online money sending and receiving service PayPal has launched a new Facebook app to harness the additional opportunities provided by social media.
In a blog post, PayPal reports that an impressive 80% of PayPal users have a Facebook account, and details the ways members of both sites can incorporate PayPal functionality for features like social gift giving. Although it’s not required for app use, users can post cards to friends’ Facebook walls if they opt not to keep the gift private.
PayPal blogged about the new Facebook app, indicating that the online banking service has social roots and began as a way to transfer money between Palm Pilots. The service cites the growing popularity of both e-cards and social media in adding the functionality:
So, why an app on Facebook? PayPal is going to where friends and family connect now. According to Facebook, about 50 percent of its 750 million users log onto the social media network daily and average about 130 friends. And, the Greeting Card Association estimates that Americans send 500 million e-cards annually.
You can check out the PayPal Facebook app on its Facebook page.