Facebook, green light by Ireland to operate as a financial service payment

Facebook has received a licence from the central bank in Ireland to operate a financial payments service, two years after applying for authorisation, according to the Sunday Business Post. 

A subsidiary of the social media giant can now act as a payments provider and electronic money issuer, as well as provide credit transfers and remittance services across the EU, as a result of the regulatory approval. The company has been in the payments space for some time in the US. 

Facebook has previously partnered with a number of card providers, as well as PayPal, to make use of its messenger service, allowing users to receive transaction confirmation and confirm payments. Whether this confirmation of a new licence is a bold step into the world of banking remains to be seen. The name of the subsidiary company which will be operating under the licence has also not been revealed.