Facebook plans to provide mobile payment services
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