If even half of the rumors flying around about Facebook were true, it would be secretly running the world (which I’m not actually saying is impossible; nothing wrong with some healthy paranoia when it comes to Zuckerberg’s greedy little monster), but there’s no denying that the social media mogul definitely has its fingers in many pies. Its newest venture is launching an “e-money” service in Ireland, and according to the Financial Times, the concept is “weeks away” from coming true.
The company is waiting on approval from Irish regulators to launch its service, which would allow users to store money on their Facebook accounts and use it for online transactions. Users will also be able to make mobile payments, a market that might prove essential in securing regulatory approval.
Aside from Facebook, several tech giants are trying to gain e-wallet supremacy, including Google and PayPal—both of whom I trust way more than Facebook to handle electronic money, which is not surprising given I have absolutely no trust in Facebook. None whatsoever.
I would give a giant squid control of e-money before Facebook. Probably.
And I am not alone: people like Ovum analyst Eden Zoller are highly skeptical about the success rate of Facebook’s e- money service, given there’s a high precedent for their failure in the digital currency market:
“The Facebook Credits virtual currency got nowhere and was wound down last year, while the main [mobile] commerce offering in place today, Facebook Gifts, has so far received a muted response from consumers,” said Zoller on CNET of the company’s previous attempts to break into the market, both of which kind of tanked due to flagrant customer distrust, though Facebook Gifts is still trying to soldier on.
Facebook declined to give comment, so we’ll have to wait and see if their plan to control electronic money is successful—or if Ireland even approves it.
Source CNET, Mashable,the Financial Times
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