Facebook may be entering the money transfer arena.

The social media company is getting approval in Ireland that would let users store money on Facebook and send it to one another. Facebook hasn't confirmed this, but experts who watch the company say this makes sense considering Facebook's recent pushes to gain a foothold in emerging economies. 

India, for example, was the top recipient of remittances in 2013 according to the World Bank. That country has over 100 million Facebook users—most of whom use the service on their mobile device.

For more on Facebook's foray into the money transfer world, we turn to Financial Times reporter Hannah Kuchler.