The National Bank of Facebook won’t be setting up branches on the corner anytime soon, but the world’s largest social network is apparently moving further into financial transactions than just facilitating the purchase of virtual cows for Farmville players. According to a report in the Financial Times, the California-based social media giant is only a few weeks away from receiving approval to operate as an “electronic money institution” (EMI) in Ireland. Because of European Union regulations, this would allow Facebook to offer transactional and payments services across the EU. According to the Central Bank of Ireland, electronic money is “value stored on a technical device such as a chip card or indeed, a computer memory.
via Gaming News Headlines - Yahoo! News http://ift.tt/1qz82w8
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