Report: Facebook is developing an e-wallet service which is “weeks away” from approval in Ireland

Facebook headquarters

Facebook, what  was once a social network is expanding into many fields, wide and diverse. For example, Facebook dabbled into Virtual Reality when it bought VR’s most likely leader, Oculus

Facebook had earlier dipped it’s toes into the e-wallet market with Facebook Credits, meant to be used with app and games, but it didn’t see much use and was closed down.

It sees Facebook is ready to bounce back into the e-wallet market, as  the Financial Time reports that Facebook’s e-wallet service is “weeks away” from regulatory approval in Ireland. Facebook needs this approval to be legally able to let it’s users to store money and make transactions form their Facebook account.

How will the e-wallet service integrate into Facebook’s larger vision of Social Networking? According to the report, users will be able to ‘store’ money on their social networking accounts, pay using their Facebook account (Of course), and finally would be able to ‘share’ their ‘money’ with other users on Facebook.

If Facebook gets it’s approval from Ireland, it’s e-wallet service will be valid for the whole of Europe, enabling just about anyone (In Europe) to make transactions and also receive money easily.

If the report is true, then it shows that Facebook is desperately trying new things to stop it’s bleeding of users and also to attract new ones.

The big question is: Will Facebook’s e-wallet service meet the same bitter fate as it’s precursor, Facebook Credit?

Sources: The Financial Times





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