Facebook Seeking a Mobile Money License
Published on: 14th Apr 2014
Facebook is rumoured to be seeking a major boost to its mobile services and could be just weeks from being granted a mobile money license in Ireland.
The license would be valid throughout the European Union, and would enable the company to offer a mobile money service to its subscribers.
The Financial Times reported that Facebook has also discussed partnerships with at least three London start-ups that offer international money transfer services via smartphones: TransferWise, Moni Technologies and Azimo, according to three people involved in the discussions.
Although it is in talks with UK based firms, the money license is being secured in Ireland, where the company has its European headquarters.
It can be expected that if the service launched, Facebook will be able to tap into the vast international remittances market and leverage its sizeable customer base in developing countries.
However, it could also end up being seen as a direct competitor to the mobile networks own mobile money services, and Facebook has been heavily reliant on the mobile networks offering free access to the Facebook website to build its customer base.
Facebook, once a company struggling to do anything with mobile is fast becoming a mobile-first organisation that is barely investing in its desktop services.
On the web: Financial Times