Facebook is reportedly just weeks away from joining the mobile-payments race, according to a report by Reuters, citing the Financial Times.

The social media company is close to obtaining regulatory approval from the Central Bank of Ireland to start a service that would let Facebook users store money on the site.

Users would also be able to pay and exchange money with others, according to Reuters.

Both the Central Bank of Ireland and Facebook have declined to comment on the news as of press time.

"Facebook wants to become a utility in the developing world, and remittances are a gateway drug to financial inclusion," a source said to the FT.

Facebook is also discussing deals with at least three different London start-up companies.

Companies that the social media site is having partnership discussions with includes: TransferWise, Moni Technologies, and Azimo.

All three companies offer mobile and online international money transfer services, according to Reuters, citing three people involved in the discussions.

A number of major companies are trying to get into the global mobile payments game, which most analyst believe will grow "rapidly' within the next couple of year.

Google's head of payments has publicly stated on a number of occasions how committed the company is toward improving the struggling Google Wallet and its mobile payments service.

Facebook is already allowed to process payments in the U.S. for developers who charge for in-app purchases.

See Now: OnePlus 6: How Different Will It Be From OnePlus 5?