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ExtraTorrent.cc > Articles > Facebook Planning to Launch e-Money Transfer Service

Facebook Planning to Launch e-Money Transfer Service

Facebook Planning to Launch e-Money Transfer Service

Added: Saturday, April 19th, 2014
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
It seems that the social network is ready to launch a money transfer service in Europe which would allow Facebook to compete with the likes of Western Union, while providing users the option to store money with Facebook or buy items online.


Facebook is currently seeking regulatory approval in its EU base in Ireland for "e-money" status that would see the company issue digital credits convertible into cash by recipients.

Facebook can make some forms of money transfer in the United States that allow payments within apps, from which the company takes a 30% cut. According to financial reports, Facebook facilitated $2.1bn in transactions in 2013, mostly to games publishers. Approval in Ireland would allow the company to operate an e-money service across Europe using “passporting” – in other words, digital payments can be used across EU member states without approval from each one. Although the company declined to comment on the development, this move highlights the scale of the global money transfer market.

The social network has made mobile platforms the focus of its expansion strategy in developing markets like India – the latter accounts for over 100 million of Facebook’s 1.2 billion users. In addition, mobile broadband subscribers far outrun fixed-line users in developing nations.

In developed nations, the social network competes with established technology platforms like Apple’s iTunes and Amazon, both having millions of customers with credit cards attached to the service. Since payment schemes are the equivalent to credit cards in emerging markets, Facebook can make progress here, particularly in places where banking infrastructure is not as mature as in EU or US. Regulatory approval from Ireland would subject the social network to the same controls as a bank, i.e. the company will be required to segregate funds equivalent to the amount of e-money it issues.

Industry observers confirm that payments and e-money services are currently expanding in financial services and technology market. They also note that Facebook’s rivals are more focused on payment systems than money transfers.

For example, Amazon’s CEO has made payment systems a priority focus, claiming that his company’s payments team should intensify its efforts to be successful in the space.

Posted by:  SuperAdmin
Date:  Saturday, April 19th, 2014

Comments (8) (please add your comment »)

posted by Site FriendET junkieET lovermenSunTurtle (2014-04-19 16:28:48)
Sammy1968 avatarWell, I doubt anyone will be laundering drug money with this new system. If it even works. Hackers might have a field day with this. I never did, no will I ever, like Fartbook...err "Facebook". same Thing for the most part. I grew up with a BBS (Bulletin Board System) and a telephone and a modem (300 baud) But technology has changed, so let people be dumb. Just hope they go to school and the teachers actually teach something.

posted by Turtle (2014-04-19 19:10:24)
MadmanMac avatar"Just hope they go to school and the teachers actually teach something."

hmm, two things which I think will not happen.

posted by Blocked (2014-04-19 19:56:25)
No avatarwho give a rats arse CP

posted by (2014-04-19 23:30:39)
Telcomcorp avatarWhile this is not on topic I must say I really aprieacate extratorrents layout and user interface,regular relevant news,categories of torrents,newest release of latest movie torrents ,a step up from priate bay or isohunt,kickass is okay if extratorrents does not have it but not as user friendly.

Also one more off topic semi related thing,torrents use to be my primary source of free media content esp films and tv shows ,however with the event of increased online storage space and youtube ,not so much anymore ,in fact once I download a unavailable online film or tv show I plan to upload to various online sites.

share and share alike I say.

posted by Turtle (2014-04-20 14:20:02)
magengar avatarI use Facebook as a means to stay in touch with my distant relatives.
That's as far as it goes. I refuse to use Facebook as my "wallet".
Facebook as a "money transfer" option? Jeez, I can't even pull money from my PayPal account when I'm broke between paychecks!

posted by Site FriendET junkieET loverSuperman (2014-04-20 21:01:48)
bobpa avatarFAKEBOOK BLOWS!!!

posted by Trusted UploaderSite FriendET junkieET loverSupermanSun (2014-04-20 22:48:25)
bone111 avatarLooks like more accounts will be hacked now then

posted by (2014-04-21 18:31:35)
love.u.et avatarya agree with u bone111

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