With the remarkable strides and milestones being made in the technological world, there has been an increasing use of Mobile Payment services and electronic money transfer. The use of these methods of payments has not only been triggered by technological advancements but also by the need and desire to bring a great level of efficiency and speed in the field of monetary transactions. The Facebook mobile payments services are expected to come just at a time when most companies and especially those that deal with technology are embracing the trend.
Basically, this is a service that is aimed at enabling individuals and Facebook users to keep money on Facebook and also utilize it to make global payments in addition to making cash exchanges with other people using electronic money transfer. This is a technological concept that could see Facebook make a great leap to embracing current technology. In addition, this is a service that might see them double or almost triple their annual profit if it turns out to be successful.
The though and decision to come up with this mobile Payment Service has been highly motivated by some other large companies that have been fully utilizing the service. The most common and well known is PayPal. This is a worldwide known money transfer method that has gained a great extent of popularity. Its popularity has been due to the great efficiency and effectiveness and thus many other companies such as Facebook are also willing to follow the footsteps.
Google has also been another company that has been on the verge of coming up with a mobile payment service with the introduction of the Google wallet. However, in spite of this discovery, this is a service that has not been quite successful for the past few years.
Despite the fact that the Mobile payment service in Facebook is really heating up, there is some information and facts about the service that are yet to be clarified. To begin with, there has been no clarification yet on the specific countries or nations the service will be available. This means that there is a possibility of some countries being left out in the plan. In addition, there is yet an approval to come from the central bank of Ireland on when the service will commence.
With the much awaited mobile payment service in Facebook, it is quite clear that the world is gradually changing into an environment where most monetary transactions will be done through electronic money transfer.
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