Social networkers can now send money to their 'friends' on Facebook using an app called Buxter.

The app has been developed by ClickandBuy, which offers an online payment service, and currently allows the transfer of Euros or US Dollars.

However, ClickandBuy said it would launch a Sterling service in the coming weeks.

Those looking to transfer money will need a ClickandBuy account and will be charged a five percent fee.

Transferring money between ClickandBuy accounts is free, but moving it to other accounts, such as a current account, will be subject to a charge of 1.9 percent of the amount or €2/$3 (£2) - whichever is greater.

The amount that can be transferred is capped at a maximum of €50 (£45) and Buxter transactions can only be made to your 'friends' on the social network

Christian von Hammel-Bonten, senior vice president at ClickandBuy, told BBC News: "We're not trying to compete with national banking systems. This is not somewhere to pay your gas or rent."

See also: Facebook and Twitter useful after Chile earthquake