Facebook Could Launch European Money Transfer Service

Facebook passwordsWould you trust Facebook with your money? Some Europeans may find themselves pondering that very question as the social media giant contemplates the release of a continent-wide money transfer service allowing users to store and transfer money on Facebook.

“Facebook is thinking about financial services in general, money transfer being one of these areas,” the source was quoted as saying in Forbes article. “They are making their minds up about what to do.”

Apparently Facebook is on the cusp of receiving regulatory approval in Ireland for the e-payments service. It’s something the company has already done on home soil – Facebook has already obtained Money Services Business licenses in most states, but has yet to do anything with them.

Could Europe be its testing ground?

*Source: Forbes