Skip to main content
  1. News
  2. Business & Finance
  3. Small Business

Will Facebook become the next big “eMoney” institution?

See also

Facebook (FB) is hoping to get a grip on yet another emerging market. It appears that they’re now making efforts to service electronic money and remittances by entering the money transfer business.

FB has made a request to the central bank of Ireland to become an approved “e-money” institution, according to Monday morning’s Fox Business news report. This merit would give the largest social network in the world the ability to “issue units of stored monetary value that represent a claim against the company.”

Facebook to Partner-Up with London Money Transfer Startups?

Facebook also seems to be interested in taking on partnerships with various London startups. They all offer services such as online and smartphone international money transfers. So far, the three groups they’ve been talking to about these partnerships include:

  1. Azimo
  2. Moni Technologies
  3. TransferWise

Yesterday, Financial Times reported in “Facebook targets financial services” that Facebook offered Azimo $10 million for the recruitment of one of their co-founders to become FB’s business development directory. However, FB refuses to comment on what they call “speculation and rumors.”

Payment Processing Could Increase Facebook’s Revenue Streams

On Monday morning, Facebook shares on the Nasdaq Composite outpaced a 0.62% gain. The social media network is now up nearly 9% so far this year. That’s a 116% increase over the last 12 months.

Currently, the majority of Facebook’s revenue is generated through advertising sales. Making the shift into financial services could be a serious boost for the social network’s profits.

However, there are some concerns. Users tend to have severe concerns when it comes to FB privacy policies. Some speculate that this could lead to an uphill battle for FB as they seek the trust of consumers within the financial transactions market.

Facebook’s eMoney Business

Spearheading the e-Money project is Facebook’s VP of platform partnerships, Sean Ryan. Ryan was added to Facebook’s game development team as director of games partnerships on January 3, 2011.

According to Fox Business, Facebook is already a US-authorized payment processor for app developers who charge users for making in-app purchases. Now, it’s just a matter of expanding that market into bigger payment processing services.

Advertisement

News

  • Jar-Jar is more popular than Congress
    A new poll shows Jar-Jar Binks is more popular than Congress
    Video
    Video
  • Missing girl found
    After 9 months of being missing, Abigail Hernandez is back with her family
    US News
  • Tree destroyed by beetles
    A tree meant to honor Beatle George Harrison has been destroyed by beetles
    Top News
  • Mystery flags on bridge
    Mysterious white flags have replaced the American ones on the Brooklyn Bridge
    New York
  • Weird Al album debut
    Weird Al's new album has officially debuted at no. 1
    Music
  • Broncos owner resigns
    Broncos owner Pat Bowlen has resigned due to Alzheimer's
    Sports

Related Videos:

  • Reputation Management
    <iframe width="600" height="450" src="//www.youtube.com/embed/mAG2yDc-UUU?rel=0?rel=0&amp;VQ=HD720&amp;allowfullscreen=true&amp;autoplay=1"></iframe>
  • Ruby Peterson
    <iframe width="560" height="315" src="//www.youtube.com/embed/DUc8mqduBKA?VQ=HD720&amp;allowfullscreen=true&amp;autoplay=1"></iframe>
  • The Montclair School of Real Estate Exceeds Expectations
    <div class="video-info" data-id="518097837" data-param-name="playList" data-provider="5min" data-url="http://pshared.5min.com/Scripts/PlayerSeed.js?sid=1304&width=480&height=401&playList=518097837&autoStart=true"></div>