Central Bank of Ireland grants e-money license to Facebook

Social networking giant Facebook has received e-money license from the Central Bank of Ireland (CBI), TechCrunch reported.

According to the state bank’s online register, the CBI granted the license to Facebook Payments International Limited on October 24, 2016. The authorized services listed on the website include issuance of e-money and provision of payment services which includes credit transfer, payment transactions and money remittance.

TechCrunch noted that as Ireland is a member of the European Union, Facebook may take advantage of “passporting”, which means that the license applies throughout the other 27 EU member states.

“Facebook Payments International Ltd. (FBPIL) is pleased to confirm we have been approved authorization as an electronic money institution by the Central Bank of Ireland (CBI)”, Facebook told TechCrunch. “The license enables us to roll out products like charitable donations on Facebook or peer-to-peer payments via Messenger in Europe, as we have in the U.S. The license authorizes FBPIL to issue donations from Facebook users to charities registered in the European Economic Area (EEA) only; and peer-to-peer payments, within the EEA.”

The payment service currently works only in the United States, which enables users to send money to friends via the Messenger app, Business Insider reported. In addition, reports have also suggested that the social media giant has been working on a feature that will facilitate payment for goods and services through Messenger or though "bots," or automated programs, that use the messaging app.