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Facebook to offer mobile payment services

15/04/2014

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Facebook will soon be providing mobile payment services as is preparing to join the mobile-payments race with payments and electronic-money services on the social network.

The company is about to obtain 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.

However, the Central Bank of Ireland declined to comment about it and even Facebook was not immediately available for comment.

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Facebook has also had partnership discussions with at least three London start-ups — TransferWise, Moni Technologies and Azimo. All these start-ups offer online and mobile international money transfer services.
Telecom groups, retailers and banks are all trying to secure a pie of global mobile payments, which is predicted to grow rapidly in the next few years.

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