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18:45 3rd March 2010
A new application allows social network friends to send small payments to each other for small value transactions.
The service, called Buxter, handles transactions in US dollars and Euros, with plans to launch in sterling in the next month.
Transactions between Buxter accounts are not charged but a 1.9 per cent commission fee, minimum two euros or $3, is required to transfer the money to another source such as a bank account.
"People share their statuses, their information and their pictures on Facebook so the question is why not share money there too?" Christian von Hammel-Bonten, senior vice president at ClickandBuy, the company behind Buxter, was quoted as saying in the BBC news.
In other news, financial service companies have been too slow to harness social media in their businesses, according to research from Datamonitor.
The research reveals that 50 per cent of UK citizens use online tools to make financial decisions.
Written by Hannah James
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