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'Facebank' is here: Social network to handle payments, transfers Add to ...

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Those plastic cards in your wallet will soon be heading to the same junkyard as photographic film, cassette tapes and chequebooks. Cards are yesterday’s payment systems, reckons Mark Zuckerberg and if he has his way, Visa Inc. and MasterCard Inc. are doomed because Facebook Inc. is finally making its move into financial services. The social media company is about to get regulatory approval from the Central Bank of Ireland to become an e-money institution that will allow users to store money with Facebook, make payments and transfer cash to others.

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