Digital payment aspirations have been fast tracked by forming a new internal group by Facebook.
A new group has been started by Facebook, which is responsible for pushing the digital payments of the company.
According to reports from Bloomberg, the new financial unit will supervise all the payments projects like the Facebook pay. It was launched late last year by the social media giant. This will unify the payment experience across the ecosystem of all the apps and services of Facebook.
David Marcus who is the co-creator of the company’s Libra crypto currency project will be leading the group. He remains the head of Novi, a department where a digital wallet is being developed. This wallet is designed for Libra.
Marcus told Bloomberg that there is lots of commercial stuff taking place in the company. And the aim of company is to make sure the users spend more time on these apps. Facebook is hoping that the users will do more purchasing on social media apps such as messenger, WhatsApp and Instagram.
Marcus started working with Facebook in 2014. He was the president at PayPal holdings and signed to Libra after managing Facebook messenger for four years.
Libra hasn’t been so successful as the global crypto currency in the way the company was hoping, but the merger of all the different payment systems within the same group might click.
Mark Zuckerberg the CEO of Facebook was very thrilled about the apps and the ecommerce of the company.
Initially the group will aim to strengthen WhatsApp payments in south America and Asia. The two main countries the company is focusing on are India and Brazil. Facebook launched the payments app in Brazil in June, which allowed users to make transactions using the messaging app. In order to launch the payments projects in several countries Facebook needs to get the nod from the regulators.
Facebook Payments
The social networking behemoth revealed a new group on Monday to explore payment and commerce options, and on Monday it announced that Stephane Kasriel, a former PayPal executive, will lead its Facebook Pay service.
The group, internally referred to as F2—short for Facebook Financial—will oversee all payment initiatives, including Facebook Pay, according to Detroit News.
The revelation was shared on Twitter by David Marcus, Facebook’s director of cryptocurrencies, who is rumored to be in charge of the new payment group.
We’re forming a new group today to handle all things related to payments and financial services on Facebook (FB Pay, Novi, WhatsApp payments, etc.). With that, let me to formally welcome @skasriel to the Facebook Payments team. Marcus tweeted, “No changes @Novi, which I’ll continue to lead directly.”
The company creating the digital wallet to store the Libra coin is called Novi.
“There is a lot of business activity occurring on Facebook. Marcus was cited as stating, “It felt like the right thing to do to rationalize the strategy at a company level around all things payments.”
Facebook introduced a new payment system in November of last year, and it is compatible with all of its app stores, including WhatsApp, Instagram, Messenger, and Facebook. PayPal and the majority of popular credit and debit cards are supported by Facebook Pay.
