Facebook could be your next bank

According to the Financial Times, Facebook is only weeks away from getting approval from Ireland’s central bank for a service to allow its user 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.”

The social network is also talking with at least three other London start ups, that offer international money transfer services both online and on smartphones.

Read more: http://www.foxbusiness.com/technology/2014/04/14/report-facebook-eyes-money-transfers-as-ticket-to-emerging-markets/

This is our TOPIC OF THE DAY. Would you use  Facebook to store money like you would at your bank? Head to our FOX43 Facebook and Twitter pages and let us know.

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