Could Facebook Be Your New Bank? - KMSP-TV

Could Facebook Be Your New Bank?

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The company is reportedly getting ready to delve into financial services.

Fox Business Network's Jo Ling Kent reports.

According to the financial times, the social network is only weeks away from getting approval in Ireland for a service allowing its users to store money on the site and exchange it with friends.

If the deal goes through, the company would be able to issue its own "e-money," which would be valid throughout Europe in a process known as "passporting."

Facebook is also talking with at least three other London startups, according to the report, that offer international money transfer services both online and on smartphones.

If confirmed, Facebook will be entering a very competitive space and will have to stave off entrenched rivals western union, PayPal and a host of others including Google wallet. Facebook declined to comment on any part of the report.

Meanwhile on Wall Street, shares of Facebook are trading higher.


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