The social network giant has nearly obtained the necessary Central Bank of Ireland approval for funds exchange.
Facebook Inc. is extremely close to being able to join in the race for mobile payments, in which there are a rapidly growing number of participants, as it works to boost the availability of its electronic money services.
The company is moving ever closer to receiving the approval they need to allow users to send and receive funds.
At the time of the writing of this article, the Central Bank of Ireland had declined the opportunity for immediate comment. However, the mobile payments services from Facebook took in a great deal more, as well. For instance, it is also in the midst of talks of that nature with at least three different startups from London: Azimo, TransferWise, and Moni Technologies. Those businesses each provide international money transfer options over smartphones and tablets.
Mobile payments is an area in which companies from retailers to telecoms are trying to carve out their share.
Although this sector has seen an exceptionally slow start – far slower than had been forecasted – it is still expected to take off over the next few years. There are certain specific parts of the world in which successes are being seen. In Africa, M-Pesa has been celebrating some tremendous progress with adoption, and has just made its way into Romania as of last month. It is likely that the company will continue to broaden its reach throughout central and eastern Europe.
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Google Wallet has been available in the United States for a while now and has seen little more than struggles since its original launch. Even so, that company’s head of payments recently underscored Google’s commitment to serving that sector.
Tim Cook, the chief exec at Apple announced his company’s interest in mobile payments when he was speaking back in January. This was one of the primary motivators behind the creation of the touch ID fingerprint sensor that has been added to its iPhone 5S.
It is expected that transactions, worldwide, will be growing at an average 35 percent per year rate from 2012 through 2017. This, according to data released by the Gartner research firm.