Buxter facilitates direct payment system among Facebook friends

Popular social networking site Facebook has allowed small payments system which can be shared directly among Facebook friends through an application called Buxter. But this application only handles its transactions in Euros or US dollars and requires 5% conversion fee for other currencies at the point of upload to a Buxter account. Transactions between Buxter accounts are free to make and receive but a 1.9% commission fee, minimum 2 euros or 3 dollar or 2 pounds is charged to move the money to another source such as a bank account.

The application is designed for small payments (a maximum of 50 euros can be held in any one account) and transactions can only be made among people who are friends on Facebook.

Already More than 13 million people across the world have Buxter accounts. ClickandBuy is the company who is behind this application. They believe people would use the service to pay each other for shared expense.