Report: Facebook Planning E-Money Service in Ireland

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Facebook CEO Mark Zuckerberg talks about Instagram's new video feature at the company's headquarters in Menlo Park, Calif., June 20, 2013.

Image: Marcio Jose Sanchez)/Associated Press

By Seth Fiegerman2014-04-14 14:19:10 UTC

Facebook is moving closer to becoming more of a checkbook, at least according to one report.

The Financial Times reports that Facebook is "weeks away" from gaining regulatory approval in Ireland for a service in which users can store money on the social network and transfer funds to one another.

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The electronic money service would work throughout Europe, according to the report. Facebook is also looking to partner with several startups for international money transfers online.

Reps for Facebook did not immediately respond to our request for comment.

Facebook has dabbled in payments in the past, including the virtual currency Facebook Credits, which was intended for apps and games, and has since been retired. More recently, the social network had partnered with multiple payment services to provide an autofill billing option to streamline mobile payments.

Facebook stock was up more than 2% in pre-market trading Monday.

Topics: Business, Facebook