Now Facebook is preparing to join the mobile-payment race with electronic-money and remittance services on the social network, According to the report of The Financial Times on Sunday, citing several people involved in the process.
Facebook is close to obtaining approval from The Central Bank Of Ireland to start new service that would allow users to store money on Facebook not to store money but also users can use it to pay and exchange with others, the people told to Financial Times.
The Central Bank Of Ireland declined to comment. Facebook was not immediately available for comment.
The company also had a partnership talks with a least three London start-ups Azimo, Moni Technologies and Transfer Wise that offer mobile international money transfer services and online, only three people involved in the discussions told Financial Times.
Banks, Retailers, Telecom groups are all trying to secure a pie of global mobile payments, which is predicted to grow rapidly in the next few years.
Vodafone also brought its mobile money transfer services M-Pesa to Romania last month, after seeing success in Africa, and is like to expand its services more in central and eastern Europe.
Rival of Facebook, Google's head of payments recently reiterated commitment to the struggling mobile payment service and Google Wallet. The company had allowed many users to send money but year as an attachment of E-mail.
Chief Executive of Apple.Inc Tim Cook said in the month of January, the company's interest in mobile payments was reason for creating the Touch ID fingerprint sensor in its iPhone 5S cellphone.
Mobile transaction all over the world are expected to grown at an average of 35% per year between 2012 and 2017, according to the 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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