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Facebook The Almighty Buck

PayPal Launches Facebook App For Sending Money 66

Posted by samzenpus
from the like-this dept.
angry tapir writes "PayPal has launched a Facebook application designed to let users of the social networking site send money to each other. The application, named Send Money, features a greeting card component for accompanying the money transfer with an e-card containing a message, photos and videos to mark occasions like birthdays and anniversaries."
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PayPal Launches Facebook App For Sending Money

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  • Fat cash (Score:5, Insightful)

    by Anonymous Coward on Thursday November 17, 2011 @08:18PM (#38093100)
    Just think of all the money they can confiscate claiming fraud. Sounds like a good plan.
    • Re:Fat cash (Score:5, Interesting)

      by bobwrit (1232148) on Thursday November 17, 2011 @08:23PM (#38093154) Homepage Journal

      Just think of all the money they can confiscate claiming fraud. Sounds like a good plan.

      This is Paypal's motivation in most cases. Considering that they won a case in Connecticut a few years back that says that Paypal cannot be regulated the same way a bank can(when they're pretty much a bank), they really have free reign. Of course, Paypal also has a history of randomly locking down accounts asking for SSN numbers and for you to verify where you live and provide a scanned driver's ID etc etc as well. So, I wouldn't be surprised if Paypal starts doing that here as well. I think you're spot on with this.

    • I really wish I had mod point, I would give you 20 points for understatement of the year!
      I hate paypal for that....does a bank ever freeze your whole account when ever they think there was an error or something going on, no....they know that people need to live and need to pay their mortgages....so why is it ok for paypal to do this when ever they want...according to them for fraud, although wikileaks had no fraud, it was non profit....so no fraud, just pressure by the us gov. ....

      If paypal is going to act

  • I'll stick with gold. Cash when demanded (suckers).

    • Gold, really? eGold was a site that did paypal for gold, and failed miserably. Gold-to-cash is a constantly changing ratio, and can lead to gold holders to be quite poorer when the stock market is soaring... cash is better than gold most of the time.

      • Gold, really? eGold was a site that did paypal for gold, and failed miserably. Gold-to-cash is a constantly changing ratio, and can lead to gold holders to be quite poorer when the stock market is soaring... cash is better than gold most of the time.

        eGold failed because they were engaged in fraud and straight up money laundering

        • Re: (Score:3, Informative)

          by Magic5Ball (188725)

          > fraud and straight up money laundering

          Whereas this app only funnels a commission through http://connectionpoint.ca/sendmoney [connectionpoint.ca] and other intermediaries, so that you end up using PayPal as an external service anyway. This app is pointless for anyone in civilized countries where direct account to account transfers or things like Interac are free through your bank's online services.

      • eGold was a site that did paypal for gold, and failed miserably

        Right, because it was regulated out of existence, not because of lack of market demand. The government hates competition, especially with a superior product.

        cash is better than gold most of the time

        Unless you count the past 12 years....

      • Gold to cash is a constantly changing ratio because they keep printing money. There is a finite and fixed amount of tradeable gold on the market - and you can't fake it (unless you have the Grail of Alchemy and aren't prepared to share). When you print money, you diminish its value. When that money is backed by a book entry, it has even less value (read: none). The price of gold has NOT changed against say, a sack of apples. The price of gold hasn't gone up, ever. The value of MONEY has gone DOWN, and conti

    • by AHuxley (892839)
      http://en.wikipedia.org/wiki/Bernard_von_NotHaus [wikipedia.org]
      Gold is getting interesting ...
  • At Last... (Score:5, Funny)

    by Pirow (777891) on Thursday November 17, 2011 @08:30PM (#38093248)
    The two services I wish I could live my online life without.... COMBINED!
    • Yep, I fund PayPal with my eBay sales of used tech I don't want or need anymore only because it's required by eBay, the owners of PayPal. If eBay wasn't the hugest marketplace for one-off sales I'd take my business elsewhere. Amazon, could you launch such a thing?

      • by cdrudge (68377)

        Amazon, could you launch such a thing?

        You mean like the the "Sell on Amazon" button that is about 4" below the Add to Cart button on just about every page?

  • Yes (Score:5, Funny)

    by demonbug (309515) on Thursday November 17, 2011 @08:32PM (#38093274) Journal

    But can it send BitCoins?

    (Only slightly less well known than "yes, but does it run linux?")

  • ...instead of adverts, please. For example, I'll pay 10 cents a month for Slashdot. The alternative is 0 cents adblocked.

    Let's return to peer-to-peer exchanges rather than everything via the Google behemoth, please.

  • by Anonymous Coward

    This was created by them out of fear. I don't remember the companies name exactly but there is a small startup that only asks for 25cents to transfer any amount of money and they actually mentioned being able to do this exact same thing in an interview the CEO did. If anything I would consider this a opening salvo/attack against that startup as paypal is prob trying to IP troll their way into that space.

  • by swb (14022) on Thursday November 17, 2011 @09:34PM (#38093768)

    Given the spam, scams and malware on Facebook, I'm surprised they would do this.

    Just a couple of days ago, I got a Facebook message from my sister in law "Dare you to watch this video" (I didn't) but when you do, it spams all your Facebook contacts with the message (and whatever else).

    What happens when it steals money from your Paypal account instead?

    And why is it you can even write malware on Facebook? Shouldn't they be able to stop that?

    • by Bucky24 (1943328)
      There's very little quality control on the apps facebook hosts, since there are so many (often many doing the exact same thing too).
    • by WiiVault (1039946)
      I think your under the mistaken assumption that Paypal cares about what consumers think of them. They may not be a bank, but their clearly take thei customer services cues for the best of them. Of course they take it a step further by avoiding most of those money-hindering consumer protection laws since they have managed to con themselves out of the label bank. I bet the big banks wished they had thought of such a flippant dismissal of laws that specifically target the kinds of businesses that form the enti
  • by Anonymous Coward

    Kim Kardashian through her army of lawyers will slapFacebook with a $125Million lawsuit for not releasing this app at least 30 days before her conspired marriage!

    The amount represents her "conjugal" share to what she should have raised as marriage gifts that she has learned (through practice) of not returning.

  • by Infe (52681)

    No possibilities for trojans here..move along.

  • ... Julian Assange.

  • Sending... (Score:3, Funny)

    by fisted (2295862) on Thursday November 17, 2011 @11:54PM (#38094488)
    Sending money? Who the heck cares about sending money?
    If facebook wants me to register, they better add an app for receiving money.
  • Does anyone else think this doesn't sound like a good idea?
  • So I guess it's time to friend Julian Assange?

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