Facebook Inc (NASDAQ:FB) has been expanding from being just a social network lately. The company bought a social photo app (Instagram), a group messaging app (WhatsApp), and a virtual reality headset company (Oculus). Now Facebook is reportedly going to launch a financial service that would provide electronic money and remittance services, according to The Financial Times.
Facebook is weeks away from getting regulatory approval in Ireland for a service that would let users store money on Facebook and use it for paying others, known as “e-money.” Facebook would be able to issue units of stored monetary value that represents a claim against the company. The e-money could be used throughout Europe, which is known as “passporting.”
Facebook has been in talks with at least three London startups that offers international money transfer services online and through mobile devices: TransferWise, Moni Technologies, and Azimo.