Facebook said to gear up for ‘e-money’ service
Social network readying itself to support electronic money and transfers, according to media reports
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.
Facebook to require separate mobile app for messagesFacebook Inc will no longer let users send and receive private messages within its main smartphone app, and will require that users install a separate ... Digital
Twitter to get Facebook-esque look in redesignThe changes come at a time when Facebook is adding features to its site that are Twitter-like Digital
Facebook hits 100 million India users, largest after U.S.The mobile phone market drove growth in India along with better Internet coverage Digital
Facebook buys virtual reality firm Oculus for $2bnThe virtual reality headset attracted the attention of video game developers Digital