News reports are today suggesting that Facebook is planning to introduce financial services to allow users to make electronic payments, but could using Facebook really pay off as it been said? The company is believed to be seeking regulatory approval from the Central Bank of Ireland to offer electronic money and remittances with a service that is expected to be Europe-wide. A further rollout however would offer Facebook huge opportunities in emerging economies where the trend of payment via mobile devices is catching on much faster than in economies where methods of payment are more established and where payment infrastructures are less structured. Although, Facebook are not commenting on the issue at the moment the social network has also startups who offer international money transfer via smartphone apps – so it does seem that their intentions are there especially given the additional foothold it would give the network in developing markets. Facebook launched last week that it now has more than 100million users in India – its second biggest market after the US.
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