Facebook’s own e-money service, soon to become a reality


[Image credit: Marco Paköeningrat, Flickr]

According to a report Facebook is now trying to become a financial institution like PayPal by enabling users to send and receive money from Facebook itself. The company has is “only weeks away” from receiving the necessary approval in Ireland to operate its own e-money service, The Financial Times reports.

Facebook is also said to have discussed the possibilities of partnerships with at least three London-based firms that offer app-based international money transfers. Facebook hasn’t made anything official yet so we don’t exactly know what are their plans. We will let you know as soon as we get more information about this.

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