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Facebook to become the European Paypal

by on16 April 2014 1272 times

services, specifically in the area of electronic exchange of money between users of their networks. Facebook is reportedly waiting for the permission from the central bank of the Republic of Ireland, which would make the social network an institution for electronic payment, exchange and storage of funds modeled after the popular PayPal service in Europe. 

Apparently there are already negotiating ongoing with three London startup companies (TransferWise, Moni Technologies and Azim) dealing with international exchange funds online or through applications for smart phones. Cofounder of Azim should be the man who will lead the Facebook's project, for which Facebook is ready to pay Azim $10 million.

The official start of the new services that will Facebook, as it seems for now,  offer only in Europe, has not been officially released.

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Last modified on 16 April 2014
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