Is Facebook considering a PayPal-like service?

If reports by the Financial Times and TechCrunch are to believed, Facebook wants your money.

The Financial Times reported this week that Facebook is looking into adding electronic money transferring to its ecosystem.

Stories say that the social network is only “weeks away,” from getting properly approved in Ireland for a service that would let user store money on Facebook and use it to exchange money with friends and pay for goods — similar to PayPal.

This process would allow Facebook to become an “e-money” institution and make it so its European users can send money throughout the continent.