Facebook is preparing to provide financial services such as remittances and electronic money, with the company awaiting authorisation from the Central Bank of Ireland for a service allowing users to use Facebook to store money and pay others.
The Financial Times reports “several people involved in the process” as saying Facebook is on the verge of authorisation to become an “e-money” institution, storing units of monetary value that represent a claim against the company and are valid throughout Europe.
Facebook, according to the report, has discussed partnerships with three international money transfer firms, with the push into money remittances part of Facebook’s effort to increase its presence in emerging markets.
“Facebook wants to become a utility in the developing world, and remittances are a gateway drug to financial inclusion,” a source told the newspaper.
