Facebook App Allows for Online Cash Exchange

What will they think of next?

In a move that could put a dent in cash exchange providers like Paypal, a new application called Give More, Get More allows Facebook users to give and accept money while logged in — saving them a trip to Paypal or another cash provider.

The new application should be a big hit. After all, Facebook is massively popular. According to the company’s own numbers, Facebook now has 300 million users (up from 150 million at the start of the year). Furthermore, these users spend more than 8 billion minutes on the site each day.

If time is a commodity, then Facebook is the Internet’s chief currency — and it’s only growing bigger and bigger.

Take the money transfer application mentioned above. Give More, Get More, developed by a company called Facecard, actually allows users to spend money within Facebook. With it, users can send money to other Facebook members, view transactions and even set up “wish lists” that allow users to accept cash donations toward big events like a birthday, wedding or graduation.

The actual mechanics of the software fit easily into the Facebook culture. When users send cash through the Facecard application, a “gift” icon pops up on the user’s screen, letting the recipient know that cash is on the way.

To use the Facecard application, users need to sign up for Facebook (that part is free) then ship money from your bank account to a pre-paid credit card account managed by Metabank (Stock Quote: CASH). That part isn’t free — it costs 99 cents for accounts up to $20, and fees rise to 2.5% for cash amounts more than $600.

If you liked this article you might like

Questions You Must Ask a Car Salesperson to Avoid Getting Ripped Off Big-Time

5 Surefire Ways to Destroy Your Marriage

Best States for Retirement in the U.S.

Worst States for Retirement in the U.S.

I Had $150,000 in Debt and Was Still Able to Buy a Home -- Here's How I Did It