Facebook said to gear up for ‘e-money’ service

Social network readying itself to support electronic money and transfers, according to media reports

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Facebook is gearing up to offer ‘e-money’ services that would allow users to store and transfer funds via the networking site, according to the FT.

The social-media giant is “weeks away” from obtaining regulatory approval from authorities in Ireland to offer such services, the newspaper said, citing unnamed people involved in the process.

It has also discussed potential partnerships with several firms that offer international money transfers, the newspaper reported.

The site would compete with others such as Google, which has said it is expanding its existing mobile payments and wallet products.

Simon Deane-Johns, a European payments expert at law firm Keystone Law, told the FT that ‘e-money’ services are potential rivals to mainstream lenders.

“It’s great news that non-banks are challenging the traditional banking monopoly,” he told the newspaper.

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