PayPal officially launches on facebook!

Because a huge percentage of freshman gets their first bank account and first credit card in college, there is huge potential for financial institutions to leverage facebook as more than a advertising channel but also a point of integration. Paypal (amazing how fast they got this out given what I know of their dev process) surprisingly jumped in first before the likes of obopay and kushcash. Of course the app is a little low on utility but I’m sure a Paypal PM somewhere is using it to learn more about user behavior and other potential applications (wesabe clone?).