Facebook said to be readying electronic payment system

Facebook logoAs part of the agreement, Facebook will be allowed to issue "e-money" to users, who can then transfer the funds to one another throughout Europe. News of the deal was first reported by the Financial Times.

Facebook is said to have approached a number of London-based financial startups — including Azimo, TransferWise, and Moni Technologies — about partnering on the effort. In an apparent sign of the seriousness with which Facebook is taking the rollout, the company reportedly offered $10 million for the right to recruit an Azimo co-founder.

"Facebook wants to become a utility in the developing world, and remittances are a gateway drug to financial inclusion," a source familiar with Facebook's thinking told the Times. The company is believed to have chosen platform partnership executive Sean Ryan to helm the e-money project.

If Facebook does proceed with such a system, it would give the company — with more than 1 billion users worldwide — a head start in a market that Apple is widely believed to be targeting. In January, Apple CEO Tim Cook admitted that the possibility of a future iPhone-based payment system was one of the foundational assumptions behind the iPhone 5s's Touch ID fingerprint sensor.

"The mobile payments area in general is one we've been intrigued with," Cook sad in the company's January earnings call, adding that it was "one of the thoughts behind Touch ID."

"You can tell by looking at the demographics of our customers, and the amount of commerce that goes through iOS devices versus the competition, that it's a big opportunity on the platform a big opportunity on the platform," he continued.

At least one existing financial institution is thought to be willing to work with Apple to get such a system off the ground. World payment leader PayPal is reportedly "willing to white label parts of its payment service," including fraud detection and processing, to land a partnership with the iPhone maker.

Source: AppleInsider

Tags: Facebook, social networks

Add comment

Your name:
Sign in with:
Your comment:

Enter code:

E-mail (not required)
E-mail will not be disclosed to the third party

Last news

Pokemon GO had the potential to net $1 billion a year
The report said that Hon Hai has invested about US$600 million in India
Market research firm IDC reports that in the third quarter of this year
Customers will only have to shell out 50% of the cost of their Galaxy S7 device
New flagship will launch in 2017
Patent hints at name of the upcoming Surface AIO
IBM, Globalfoundries and Samsung have chosen to use extreme ultraviolet (EUV) light to pattern transistors
Samsung Galaxy TabPro S - a tablet with the Windows-keyboard
The first Windows-tablet with the 12-inch display Super AMOLED
June 7, 2016 /
Keyboards for iOS
Ten iOS keyboards review
July 18, 2015 /
Samsung E1200 Mobile Phone Review
A cheap phone with a good screen
March 8, 2015 / 4
Creative Sound Blaster Z sound card review
Good sound for those who are not satisfied with the onboard solution
September 25, 2014 / 2
Samsung Galaxy Gear: Smartwatch at High Price
The first smartwatch from Samsung - almost a smartphone with a small body
December 19, 2013 /
HP Slate 7 is a 7-inch Android 4 Tablet PC with good sound
A cost-effective, 7-inch tablet PC from a renowned manufacturer
October 25, 2013 / 4

News Archive



Do you use microSD card with your phone?
or leave your own version in comments