Report: Facebook Is About to Enter the E-Money Game The social giant is gearing up to give PayPal a run for their money.

By Wendy Frink

Opinions expressed by BIZ Experiences contributors are their own.

Share baby photo. "Like" mom's status message. Update relationship status. Send money.

Facebook is just "weeks away" from being able to provide financial services to its users, reports the Financial Times. Currently awaiting regulatory approval in Ireland, the service would allow users to store money on Facebook and use it to pay and exchange money with others.

If approved, Facebook would become an financial institution in Europe, much like PayPal.

Facebook is said to be in talks with three London startups that offer international money transfer services.

It's unclear if users will take to the service, given their trust issues with the networking site.

Related: PayPal Revises Policies to Become More Crowdfunding Friendly
Wendy Frink

Social Media Editor at BIZ Experiences.com

Wendy Frink is the social media editor for BIZ Experiences.com.

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