Pay Me is a new Facebook application that lets you send or receive money with your PayPal account, directly through Facebook. Please note that this application was created independently of PayPal by a third party.
None of your sensitive financial information is stored with Pay Me. This application works by storing your PayPal email address so that others can send you money without needing your PayPal information. Others can send money using their credit card, bank deposit or their own PayPal account as well. All you do is enter your PayPal email address, and Pay Me handles the rest.
Pay Me isn't much different from online classifieds or marketplace systems that use the same function to connect your PayPal account to a larger network. The only downfall is that it's not very apparent that the Pay Me application can be used in conjunction with your PayPal account by viewing a friend's profile. There are also a few kinks to be worked out when sending someone money.