Facebook has formed a new financial group named Facebook Financial – internally called F2 – to pursue its payment plans, Bloomberg has reported.
Facebook Financial is expected to run all the payment projects of Facebook.
This includes the company’s universal payments feature Facebook Pay, which the company intends to add to all its messaging platforms, the report added.
Facebook CEO Mark Zuckerberg said that the company is planning to integrate all its messaging services and allow users to make purchases on Instagram, Messenger, and WhatsApp.
Facebook’s F2 unit will be spearheaded by the company’s Libra cryptocurrency project co-creator David Marcus.
Marcus also runs Facebook’s Novi division, which is currently building a digital wallet to hold the Libra cryptocurrency.
Additionally, Marcus is also expected to be a part of the WhatsApp payments initiatives in India and Brazil.
Marcus said: “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.
“As payments grow across Messenger and WhatsApp, and as we are able to roll that out in more places, I think that that will only grow as a trend.”
Marcus joined Facebook in 2014 and took on the Libra project in 2018.
Marcus was working to roll out Libra cryptocurrency for cross-border payments, which required negotiations from regulators.
He added: “It’s helpful to have specific expertise in financial services regulation to build things the right way from the get-go.”
The social media giant has also appointed Stephane Kasriel as the payments VP of Facebook Financial – former CEO of global freelancing platform Upwork.