Tag: passporting
Facebook wants to Zuck up your cash into its mobile payment service
April 19, 2014
The Register – Facebook is planning to launch a mobile payments service that would allow its European users to store and exchange funds via the social network, sources claim. According to a report in the Financial Times, Facebook has filed an application with the central bank of Ireland to become an “e-money” institution under EU regulations and is “weeks away” from gaining approval. Should it succeed in acquiring that status, it would be free to act as a payment institution throughout Europe, thanks to a provision of EU law known as “passporting”. Just what CEO Mark Zuckerberg wants to do…