Facebook to join mobile-payments race

Facebook Inc is in the process of joining the mobile-payments race with remittances and electronic-money services on the social network, according to a Financial Times report on Sunday, which cited several people involved in the process.

The company is expected to shortly obtain approval from the Central Bank of Ireland to launch a service that would allow users to store money on Facebook and use it to pay and exchange with others, the report said.

Facebook and the Irish central bank offered no comment.

The company had had partnership talks with at least three London start-ups - TransferWise, Moni Technologies and Azimo - that offered online and mobile international money transfer services, FT said citing three people involved in the discussions.