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Facebook Reportedly Pushing Into Financial Services Sector
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Facebook Reportedly Pushing Into Financial Services Sector

Seems like social networking is not enough: According to The Financial Times, Zuckerberg is making way for the bigg...

Facebook Reportedly Pushing Into Financial Services Sector

Seems like social networking is not enough: According to The Financial Times, Zuckerberg is making way for the biggest social platform to enter the financial services, giving members tools to store and send money online. The report states that Facebook has submitted an application to the Irish authorities, requesting a licence that would allow members across Europe to complete money transfers in an “e-money”-style service.

 

Also, Facebook is said to have discussed e-money with three money transfer providers –  TransferWise, Moni Technologies and Azimo. This step allows Facebook to take on leading names in the money transfer business, like PayPal, or Western Union.

 

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Facebook is likely to offer financial services in countries where the social network has the potential to become one with the financial structure. And, mobile payments will represent a major feature of the service.

 

Zuckerberg recently purchased the virtual reality start-up, Oculus, and at the beginning of the year, he bought the messaging service WhatsApp. Financial services and social platforms seem to be a winning combo, but Facebook hasn't given any official statements and comments on the report yet.  

 

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