Facebook plans to launch a payment service in the upcoming weeks as it has planned to join the mobile payments race with remittances and electronic money services on the social network. According to a recent report, the Facebook network now wants to make a kind of institution of finance. For this reason, an appropriate bank license in Ireland, the European home country of the Group was requested. Facebook is very close to get approved from the Central Bank of Ireland to start a service that would allow people to dump the money and also you can use it to pay and exchange it with other Facebook users, the sources told by the FT. Mark Zuckerberg will soon be as a bank director! Besides giving likes and shares, the Facebook users may soon be able to get recharge via the social network payment and money.
The company has also had partnership talks with at least three London startups that offer online and mobile international money transfer services, three people involved in the discussions in the services. It could be paid within Facebook through the e-money service and even that transferring money to other Facebook users would thus be possible. So Facebooks would compete with conventional banks in some way. If the current report proves correct, Facebook is expected to issue electronic money to its members shortly in the European Union.
It is excited how the world’s largest and the most popular social network would going to position itself in the progress of the services. The transfer of the bank can be done by simplifying by IBAN, but the money transfer to other countries is not as easily. The June 2013 report forecast a $721 billion market with more than 450 million users by 2017. Facebook has not introduced the payment function officially and shortly a facebook event is scheduled.