Facebook’s attempts at launching their own virtual currency, Facebook Credits, was a bit of a flop, but it seems that the social network mogul is moving on to other sectors of e-money. The plan apparently it to allow people to send and receive money to and from Facebook friends.

According to report from The Financial Times, Facebook is “only weeks away” from receiving approval in Ireland to run its own e-money service.

If given the go-ahead, Facebook could find itself competing directly with the likes of PayPal, though its financial services would confined to Europe for the time being.

Apparently Facebook has been in talks with at least three London-based financial firms that offer app-based international money transfers. Which company will eventually take the reigns for the reported financial service hasn’t been finalised however.

Source: Engadget