Facebook may be close to launching its own mobile payment service that would allow customers to pay and exchange money with others, reports the Financial Times. The service could launch in the next few weeks, providing Facebook with a jump on Apple in the growing mobile payments marketplace. Facebook is allegedly close to receiving approval in Ireland to become and “e-money” institution. This status would allow Facebook to issue units of money that would be valid throughout Europe and improve its appeal in emerging markets. Facebook reportedly is looking to partner with companies that offer international money transfer services online and via smartphones. “Facebook wants to become a utility in the developing world, and remittances are a gateway drug to financial inclusion,” said a person familiar with the company’s strategy. Facebook is one of many companies looking to expand their reach beyond their core services. Apple is supposedly considering a mobile payments service that would make it easy for iPhone owners to make purchases using their phone. The service would tie into iTunes and leverage the credit card data already stored in these accounts. Continue reading
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