PayPal not worried about Facebook’s potential entry into financial-services field

PayPal, the eBay-owned dominant player in the online financial-services arena, has claimed that it is not worried about the possibility of social-networking giant Facebook's entry into the field.

A recent report suggested that Facebook was apparently intending to enter the field of financial-services to provide remittances and electronic money through the internet.

The report prompted many to believe that the social-networking giant's plan to enter the financial-services field could be a warning signal to traditional services like PayPal.

But, the online payment service's UK spokesperson Rob Skinner said that they were not worried about Facebook's plan; rather they always welcome competition in the marketplace.

Speaking on the topic, Skinner added, "We act as a kind of universal adaptor for payments across the world, so you don't have to worry about all the different ways to pay. In fact around a quarter of the payments we handle are across borders."

PayPal claims to already have signed up more than two thousand high-street shops and restaurants in the UK to accept its smartphone application as a method of payment.

Facebook is reportedly in acquisition talks with three British startups, viz. TransferWise, Moni Technologies, and Azimo. All of these three startups are working in the money-transfer space. There has been speculation that Facebook can either acquire or hit a partnership with one or more of these startups.

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