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Facebook plans to provide mobile payment services

Published on Apr 14, 2014 9:57 PM
 
Facebook Inc is preparing to join the mobile-payments race with remittances and electronic-money services on the social network, the Financial Times reported on Sunday, April 13, 2014, citing several people involved in the process. -- FILE PHOTO: REUTERS

WASHINGTON (REUTERS) - Facebook Inc is preparing to join the mobile-payments race with remittances and electronic-money services on the social network, the Financial Times reported on Sunday, citing several people involved in the process.

The company is close to obtaining approval from the Central Bank of Ireland to start a service that would allow users to store money on Facebook and use it to pay and exchange with others, the people told the FT. The Irish central bank declined to comment.

Facebook was not immediately available for comment.

The company has also had partnership talks with at least three London start-ups - TransferWise, Moni Technologies and Azimo - that offer online and mobile international money transfer services, three people involved in the discussions told FT.

 
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