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Facebook to launch e-money services - report
2014-04-14 09:43:00| Telecompaper Headlines
(Telecompaper) Facebook wants to provide financial services in the form of remittances and electronic money, the Financial Times reported, saying the company was only weeks away from obtaining regulatory approval in Ireland. Several sources said that the service will allow users to store money on Facebook and use it to pay and exchange money with others. The authorisation from Ireland's central bank to become an "e-money" institution will allow Facebook to issue units of stored monetary value that represent a claim against the company. This e-money would be valid throughout Europe via passporting. Facebook has also discussed potential partnerships with TransferWise, Moni Technologies and Azimo, all London start-ups that provide international money transfer services online and via smartphones. In the case of Azimo, Facebook offered to pay USD 10 million to recruit one of its co-founders as a director of business development, sources said. A Facebook spokesperson declined to comment.
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Category:Telecommunications