Facebook does not want to restrict itself as a simple social networking site but to offer more services like the one rumored now. According to the Iris Times, the company is planning to facilitate financial services in the form of electronic money and remittances. The report also claims that Facebook is close to getting regulatory approval in Ireland. The service will allow users to store money on Facebook and use it to pay others; and this will be known as “e-money”. With this service, Facebook can issue units of stored monetary value that represent a claim against the company. This e-money would be valid throughout Europe via a process known as “passporting”.
The report says that Facebook had talks with three London startups – TransferWise, Moni Technologies and Azimo- offering international money transfer services online and via mobile. Facebook can make a more relevant place in emerging markets by bringing in e-money and remittances.
SOURCE: The Iris Times
