New hit the wire that Facebook is planning to enter the mobile payment market. The social networking giant filed an application with the central bank of Ireland in order to start its service and is expected to receive approval in the coming weeks. Once approved by Ireland's central bank, Facebook will be able to roll out its mobile payment service throughout the EU.
Facebook users will be able to store money and use it to pay and exchange with others on the social giant.
Facebook has been trying to secure a position in the mobile payments race via potential partnership talks with London start-ups like TransferWise, Moni Technologies and Azimo, which all offer online and mobile international money transfer services.