Facebook set to launch 'e-wallet service' in Europe

Facebook is gearing up to launch its e-wallet service that lets users store money on their social account to spend across the Web.

Facebook is reportedly waiting to get the regulatory approval in Ireland for the e-wallet service.

Ireland is only weeks away from approving Facebook to handle electronic money or "e-money," that can be used throughout Europe.

This battle to dominate the e-wallet market will include giants like Google, and PayPal, and it will definitely be an interesting and tough competition.