Facebook Inc has unveiled a new group, the Facebook Financial (F2), to run its payment projects including Facebook Pay, the universal payments plan which will run across all its apps. The F2 group will also pursue commerce opportunities across all the apps in the company.
According to a report by Bloomberg, the group will be headed by David Marcus, co-creator of Facebook’s Libra cryptocurrency project and head of Novi, the division building a digital wallet for the new crypto.
Marcus will also be involved in WhatsApp’s payments efforts in India and Brazil, while he will be assisted by former Upwork Chief Executive Officer, Stephane Kasriel who will serve as a payments vice president.
“We have a lot of commerce stuff going on across Facebook, It felt like it was the right thing to do to rationalize the strategy at a company level around all things payments,” Marcus said.
According to the statement, this is only the latest effort to bring all of Facebook’s apps and products closer together. CEO, Mark Zuckerberg, had on many occasions announced plans to integrate all the company’s messaging services.
The president of the group, Marcus, explained that with users making more purchases across Instagram, Messenger, and WhatsApp, the company’s advertising revenue is expected to grow. This is bearing in mind that users would be spending more time in the apps.
The top priority to be handled by the group is activating the payment solutions in India and Brazil, where regulations have stalled the company’s efforts to make WhatsApp a foremost destination for commerce.