Facebook Set to Add Financial Processing to Repertoire?


Facebook Set to Add Financial Processing to Repertoire?
Move over Paypal, Zuck wants to play...

Although its attempts at creating its own digital currency, Facebook credits, didn't exactly work out all that well when it trialled it a few years back, Facebook seemingly hasn't given up on the financial side of the internet, and a report in The Financial Times is suggesting that the Social Media powerhouse is ready to go toe-to-toe with PayPal in an attempt to get onboard the online payment gravy train.

The report claims that the company could be set to launch a new service in the next few weeks, with things currently relying on approval from the Irish government to greenlight its new position as a financial service provide (Facebook's global HQ, not including North America, is based on the Emerald Isle).

Although the web could probably do with an alternative to PayPal, which has almost exclusively owned the space for years now, it remains to be seen whether or not users would entrust Facebook with their financial information, particularly given some of the compaints that have been aired in recent times regarding the company's use of personal data, as well as its policy of using users' friends to push advertising partners' Facebook pages.

Facebook Set to Add Financial Processing to Repertoire? on ClickOnline.com
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