Friday 22 September 2017

Money transfer service launches on Facebook

Friends can easily share the cost of cinema tickets or meals out with the payment app

Buxter allows Facebook friends to transfer small amounts of money to one another through the social networking site. Photo: Bloomberg News
Buxter allows Facebook friends to transfer small amounts of money to one another through the social networking site. Photo: Bloomberg News

Claudine Beaumont

Buxter enables Facebook friends to send one another a small payment of €50 or less, and the developers behind the application believe it will become popular among the social networking site's users as a quick way of settling up for dinner bills, nights out or paying for their share of a gift.

The service currently only handles transactions in Euros and US dollars, with support for Sterling payments expected by the end of the month.

"Buxter is the application that will see Facebook members use the platform not just as a way to stay in touch, but also as a fast, easy and secure way to exchange money or buy and sell products or services," said Charles Fraenkl, chief executive of ClickandBuy, the online payment company behind the app.

ClickandBuy has around 13 million global users, and Facebook members wishing to sign up to Buxter will need a ClickandBuy account.

Facebook users can make and receive Buxter payments for free across the social-networking site, but will be charged a minimum of around €2 to transfer money to another source, such as a bank account.

Christian von Hammel-Bonten, senior vice president of ClickandBuy said the service was designed for small, personal payments.

"We're not trying to compete with national banking systems. This is not somewhere to pay your gas or rent," he said.

Telegraph.co.uk

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