Users will be able to exchange money on the social network

Facebook is looking to get into the mobile payments game, where users would be allowed to store money on the social network. 

According to Reuters, Facebook is waiting on an approval from the Central Bank of Ireland in order to start the mobile payments service. Facebook users will be able to store money and use it to pay and exchange with others on the social giant. 

Facebook has been trying to secure a position in the mobile payments race via potential partnership talks with London start-ups like TransferWise, Moni Technologies and Azimo, which all offer online and mobile international money transfer services. 


It's clear why Facebook would want to dip into mobile payments. Research firm Gartner predicted that mobile transactions worldwide are expected to grow at an average 35 percent per year between 2012 and 2017. 

Other major tech companies are going after mobile payments as well, such as Google with Google Wallet and Apple with its Touch ID fingerprint sensor in the iPhone 5S (which will partially be used for mobile payment verification). 

Source: Reuters

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