- The Washington Times - Tuesday, April 15, 2014

Facebook is taking steps to get regulatory approval for a mobile payments system in Ireland, according to reports.

Facebook has not yet commented on any potential launch, and the timing remains unclear, but a report by the Financial Times says that Facebook, like PayPal, could begin charging a commission for each transaction and collect a portion of payments.

The Wall Street Journal reported that the system would allow the social networking website to gather even more personal information about people that could be used for targeted advertising.

Todd Thibodeaux, president at IT industry association CompTIA, told Forbes that any money services launched by Facebook would be a clear “broadside” to PayPal.

“The big advantage Facebook has is its installed base [of more than a billion users],” he said. “No other single service could roll out something this major without having to get app adoption from day one.”

Western Union and Moneygram should also “be concerned” about Facebook entering the market, Ovum’s principal analyst Mark Little told the magazine.

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