Paypal launches "Send Money" app for Facebook

SAN JOSE, Calif.

The social networking site has unveiled a new app called "Send Money" that allows users to do exactly as the name implies; send money to each other.

You select a card, choose a friend to send it to and then select how much money to send. The money is then transferred to your friends Paypal account where they can access the cash.

It is considered a peer-to-peer transaction so there is no transaction fee -- though Paypal's regular limits and international fees still apply.

Facebook believes the app will be popular -- allowing users to send friends cash on their birthdays, for those friendly bets on football games, or for reimbursing friends for lunch.

So, what do you think? Would you be willing to send money through a social networking site like Facebook? Tell us on Facebook.

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