Facebook has become more and more serious about digital payments with the establishment of a new division called (Facebook Financial), which manages all digital payments projects, including (Facebook Pay), Which is the company’s comprehensive digital payments feature it plans to build within all of its apps.
And according to To report From Bloomberg, David Marcus (David Marcus), The CEO who was previously in charge of Messenger before moving to focus on the company’s blockchain and Libra efforts, leads the new division.
Besides leading the Facebook Financial division, Marcus will continue to oversee the company’s blockchain, Libra and Novi efforts and WhatsApp digital payments in countries such as India and Brazil.
Facebook Financial is supposed to prove just as important – if not more – as the company seeks to unify the operation of its hugely popular apps together – Facebook, Messenger, Instagram and WhatsApp.
The Facebook Pay service allows sending money to friends or family or purchasing goods through Facebook platforms, and it can be used in the United States through Facebook, Messenger and Instagram, although the service is still limited elsewhere in the world to a large extent on the main Facebook application .
And the issue of keeping Facebook users inside those apps to pay, rather than making them use (Apple Pay), (Google Pay), (Venmo), (PayPal), (Zelle) or other cryptocurrency platforms, helps to generate profits for the advertising company.
The unit (Novi) – which is building a digital wallet – and the cryptocurrency (Libra) falls under the umbrella of (Facebook Financial), and the social media giant was forced to change plans (Libra) after months of regulatory pressure and the abandonment of financial partners from this project.
“We have a lot of commercial stuff on Facebook, and I felt the new section was the right thing to do to rationalize the company-wide strategy around all of the digital payments services,” Marcus said.
Facebook has not made any official announcement about its (Facebook Financial) division, which it is called internally (F2), but it continues to seek a more cohesive experience centered around the Facebook brand.
Today we’re creating a new group to look after all things payments / FS @Facebook (FB Pay, Novi, WhatsApp payments, …). With that, I’m excited to welcome @skasriel to look after FB Payments. No changes @Cosplayer, which I’ll continue to lead directly.
– David Marcus (@davidmarcus) August 10, 2020