Face­book plans to pro­vide mo­bile pay­ment ser­vices

Daily Trust - - REUTERS -

Face­book Inc is pre­par­ing to join the mo­bile-pay­ments race with re­mit­tances and elec­tron­ic­money 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 im­me­di­ately avail­able com­ment.

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

Tele­com groups, re­tail­ers and banks are all try­ing to se­cure a not for pie of global mo­bile pay­ments, which is pre­dicted to grow rapidly in the next few years.

Voda­fone brought its mo­bile money trans­fer ser­vice M-Pesa to Ro­ma­nia last month, fol­low­ing its suc­cess in Africa, and is likely to ex­pand the ser­vice in east­ern and cen­tral Europe.

Face­book’s ri­val Google Inc’s head of pay­ments re­cently re­it­er­ated com­mit­ment to the strug­gling Google Wal­let and mo­bile pay­ments ser­vice. The com­pany had al­lowed users to send money last year as an email at­tach­ment.

A por­trait of the Face­book logo

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