Facebook wants to become the new PayPal
Soon Facebook can enter in the business of money transfers between you and your friends. According to The Financial Times, the social network is “a few weeks” of obtaining the necessary approvals in Ireland for commissioning of their electronic service to transfer money. If Facebook gets the green light , the company can effectively become a financial institution such as PayPal (at least in Europe), which will allow it to store and send money to millions of users across the continent.
From Facebook say they are discussing a partnership with at least three companies, based in London that offer international money transfers. Apparently Mark Zuckerberg wants to embrace not only the business of advertising, but virtual money transactions as well.