Facebook mulls electronic money services on social network

Facebook mulls electronic money services on social network
Highlights

Facebook mulls electronic money services on social network. Facebook Inc is now planning to join the mobile-payments race with remittances and electronic-money services on the social network.

San Francisco: Facebook Inc is now planning to join the mobile-payments race with remittances and electronic-money services on the social network.

Official reports also state that 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 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.
Global mobile transactions are expected to grow at an average 35 per cent per year between 2012 and 2017, according to a report by research firm Gartner. The June 2013 report forecast a $721 billion market with more than 450 million users by 2017.
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