It’s Facebook Official: Social Media Giant Receives Payments License for Europe

Facebook has received a license from the Central Bank of Ireland to serve as an electronic money institution in Europe.

The broad nature of Facebook’s existing user base – globally, the company has an average of 1.18 billion daily active users – may give it an advantage over any competitors looking to establish alternative payment schemes in Europe. But the fact that it is a social network first and a payment entity much later means the company needs to be very careful.

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