Facebook application allows monetary transfers

Friday, March 5 2010

Facebook users will soon be able to carry out monetary transactions on the website.

This is due to an application called Buxter, which will be launched by ClickandBuy online shopping system provider.

Sums of money reaching £45 will be able to be transferred by friends on the social networking site and the application is to be free of charge.

However, Britons may not initially be able to benefit from the application, which is only currently supporting the dollar and the euro.

Co-founder and editor of the Social Media Portal Tim Gibbon predicted that it may not be an instant success.

"But perhaps the popularity of the social utility could shine through," he added.

Security-wise, Mr Gibbon explained that "users always need to remain vigilant" and be careful when entering any details into social environments.

Users who wish to withdraw money from their ClickandBuy account will be charged 1.9 per cent, but transfers are free of charge.

Buxter revealed it plans to allow use of the British pound in the near future.