A process for converting methane to methanol using a homogeneous catalyst has been developed. The catalyst is a metal compound having an empirical formula of MxXm where M is a metal such as Pd, Cu, Co, and Mn, X is an anion such as acetate, trifluoroacetate, sulfate, propionate, “m” is the oxidation state of M, and “x” is the anion valence of X. Generally the process involves contacting a gas stream containing methane with the homogeneous catalyst and an oxidant such as hydrogen peroxide at oxidation conditions to produce methyl trifluoroacetate. Finally, the methyl trifluoroacetate is hydrolyzed to give a methanol product stream.