Recently, the social media giant, Facebook has announced a new group that will focus on payment infrastructure and commerce opportunities. The newly formed team will be known as ‘Facebook Financial’ or in short F2 and will be headed by David Marcus who was the creator of Facebook’s cryptocurrency project, Libra. Marcus is a distinguished veteran in the field of e-commerce and has presided over the financial wallet company, PayPal before beginning his tenure at Facebook.
Over a tweet, Marcus announced the creation of Facebook Financial which according to him will look after payment solutions over Facebook, WhatsApp, FBPay, Novi and so on. He also announced that Stephane Kasriel will look after the Facebook payments.
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 @Novi, which I'll continue to lead directly.
— David Marcus (@davidmarcus) August 10, 2020
The team is expected to enhance the development of all Facebook’s financial projects, including the most recent Facebook Pay project.
Users Allowed to Choose Convenient Mode of Payment
Facebook said that the platform contains various payment features and they want to ensure the users with proper decision making, execution and compliance of their plans. The new initiative aims at enabling the community to choose whatever mode of payment is convenient to be it debit, credit or its own Libra digital currency. As we know, Facebook has bought companies like Instagram and Whatsapp and remodelled them to a much more robust platform.
Zuckerberg Excited About the Commerce Of these Messaging platforms
Now, Zuckerberg aims at making purchases at Instagram and WhatsApp possible. This will not only enhance Facebook’s advertisement but also its fellow applications. Further, Zuckerberg also said that he was quite excited about the commerce inside these messaging platforms. Last month on Facebook’s second quarter’s earnings call, Zuckerberg said that as payment facilities grow in platforms like Messenger and WhatsApp and as Facebook plans to roll out of other different platforms, this will continue to grow as a trend.
Marcus to Continue With the Novi Wallet Project
Moreover, the initiative’s head, Marcus will continue to work on Novi (was initially named Calibra), the digital currency wallet that is supposed to hold Facebook’s crypto-asset, Libra. This follows Facebook’s announcement of designing the Libra cryptocurrency and its respective payment systems. Consequently, it received criticism on its security and reliability as a private network from the Federal Reserve and other global financial officials. However, more recently the Libra Association has made a couple of key appointments to facilitate the solutions for the challenges posed by the global regulators.
