Facebook to Take On PayPal with eMoney Service.

Facebook has fingers in many pies, not only does it have a stranglehold on the Social Network scene, but it has also branched out into VR and digital publishing, but it doesn’t stop there. The Financial Times reports that Facebook is looking to facilitate financial services in a similar way to PayPal…

The report, which was published over the weekend, states that sources familiar with the matter say that Facebook is “weeks away” from getting regulatory approval in Ireland for a service which lets people store money within their Facebook accounts to use elsewhere.

Facebook’s eWallet service will work similar to PayPal’s long standing and reliable service, offering the chance for people to pay for items via their Facebook accounts. Facebook have also been in talks with several London startups to offer money transfer services online or via mobile.

If Facebook do get approval from governing bodies in Ireland, Facebook still have a long way to go before they hit the rest of Europe and the US, whether or not the company will launch their eWallet service once they have approval in Ireland remains to be seen.

The big question I have here is: Would you really trust Facebook with your money? They’ve had their fair share of controversial privacy complaints and with their security settings changing almost daily, I’d be surprised whether, if this eWallet service goes ahead, anyone will adopt the social eWallet service..

I’ll stick with PayPal, thanks.

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