Social Media Giant Launches ‘Facebook Finance’ Division to Push For Payment Opportunities
- Facebook Inc. is determined to push its strides in the payment industry with the launch of the F2 division, Facebook Financial, to handle all its payments.
- The division will be led by the co-founder of Libra Association, and Novi CEO, David Marcus
- Stephane Kasriel joins from Upwork Inc.
The largest social network company in the world is launching a new payment and commerce division led by Davis Marcus. Facebook Financial will be in charge of all the payment projects currently in development under FB, including WhatsApp Pay, Novi, and any universal payment features set to be built on Messenger and Instagram in the future.
The launch of the division focuses its energy on building stable commerce systems within the Facebook-controlled apps, in a bid to increase advertisement revenue and keep users longer on the platform, the Bloomberg states.
One of the key developments F2 will work on is the launch of WhatsApp Pay in Brazil and India to boost e-commerce. However, the process of registration and tough regulations in the country are slowing the implementation process.
David Marcus, who has championed for the development of digital currencies since the launch of Libra, states the company is working with financial regulators in these two countries to integrate payments on their apps. He said,
“It’s helpful to have specific expertise in financial services regulation to build things the right way from the get-go.”
Former CEO of the freelancing marketplace, Upwork Inc., Stephane Kasriel, will join the Facebook Finance division as a payments vice president, deputizing Marcus.
Recently, Facebook CEO Mark Zuckerberg explained the benefits of Libra to Facebook shareholders during the AGM, stating the stablecoins will usher in a new wave of higher prices for advertisements on its social platforms.