“Facebook wants to be more than a social network — it is planning to facilitate financial services in the form of electronic money and remittances. The report cites sources as saying that Facebook is weeks away from getting regulatory approval in Ireland for a service that lets users store money on Facebook and use it to pay others — what’s known as ‘e-money’. This means that Facebook will be able to issue units of stored monetary value that represent a claim against the company, and the e-money can be used throughout Europe in a process known as ‘passporting’. E-money and remittances would help Facebook be more relevant in emerging markets.”
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