Facebook Wants to Handle Mobile Payment Services !! E-money

Facebook Wants to Handle Mobile Payment Services

Facebook has invaded many facts of our lives, and now it’s reportedly looking to provide financial services.

The social media site is preparing to provide financial services in the form of  electronic money, according to the Financial Times. The report states Facebook (FB) is weekly away from getting regulatory approval in Ireland that would allow members to store cash on the website and use it to “pay and exchange” with others.

The Financial Times reports that the move would authorize Facebook to become an “e-money” institution that would allow it to issue units of store monetary value. The money would be valid throughout Europe, also known as “passporting.”
A large amount of Ireland natives/Persons don’t have bank accounts, so if you have to transfer money, Facebook already has your information. Most people have a Facebook account, so this takes the issue out if it.”