In its latest report, Facebook reports that it has created Facebook Financial (F2), a new initiative focused on all payment and business opportunities. This initiative will be led by David Marcus, a longtime employee of the company and an experienced veteran in the field of payments. David operated Facebook Messenger for four years and then got a position in the cryptocurrency project Libra.
One of the most anticipated payment projects is Facebook Pay, which is the company’s universal function for all payments and will be integrated into all applications
David 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.
David’s other activities include the division that is building a digital wallet for Libra, well as exploring payment options for WhatsApp. The company wants to make payments under Whatsapp in Brazil and India and has invested heavily in these markets. At present, however, they have been suspended by the regulations of these countries.
The belief is that if users can make purchases on Instagram, Messenger and WhatsApp, then Facebook’s advertising will grow more valuable, and users will spend more time inside the company’s apps.
As payments grow across Messenger and WhatsApp, and as we’re able to roll that out in more places, I think that that will only grow as a trend,
David Marcus is also constantly working to make the cryptocurrency Libra a full-fledged currency for cross-border payments, but this requires constant negotiations with regulators.
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