Facebook Creates A Financial Group for The Company’s Commerce and Payment Projects

Facebook has now unveiled a new group that will run the company’s payment projects including Facebook Pay. Called the Facebook Financial group, it will also pursue commerce opportunities across Facebook’s family of applications. It will be headed by David Marcus, co-founder of the company’s Libra crypto project. Marcus is also the head of Novi and will be involved in payment efforts of Facebook-owned WhatsApp in India as well as Brazil. Stephane Kasriel, the former Upwork CEO, will assist Marcus and will serve as a payments vice president.

The initial focus of the Facebook Financial group will be to bolster WhatsApp’s payments in Brazil as well as India. Back in June of this year, the company rolled out digital payments on WhatsApp in Brazil that allow users to send as well as receive money, or make purchases from local businesses within the WhatsApp messaging app. The company needs to obtain approval from regulators to roll out the payments projects in various markets.

This is the latest step in a company-wide effort to bring the company’s products and applications closer together. During the last two years, Facebook rebranded the company-owned platforms, WhatsApp, and Instagram, so users know that these platforms are owned by Facebook. Mark Zuckerberg, Facebook Chief Executive Officer, also announced plans to integrate all Facebook’s messaging services including Messenger, WhatsApp, and Instagram.

According to Marcus, Facebook has a lot of commerce stuff going on across its platform. He explained that with people making purchases across Facebook’s Instagram, WhatsApp, and Messenger, Facebook’s ad revenue is expected to increase. Users will spend more time inside Facebook’s applications.

David Marcus is a payments experts and a trusted executive inside Facebook. Marcus joined the company back in the year 2014 from PayPal Holdings and ran Messenger for 4 years before taking on Facebook’s Libra cryptocurrency project. The top priority of the Facebook Financial group is activating payment solutions inside the WhatsApp messaging application in Brazil and India. Facebook has heavily invested to make the WhatsApp messaging service, a destination for commerce in Brazil and India, however, regulations have stalled the company’s efforts in both markets.

While presenting Facebook’s results for the second quarter of this year in July, CEO Mark Zuckerberg expressed that he is excited about the commercial aspect of Facebook’s messaging applications, and said that the trend will likely grow as payment options are introduced in Facebook’s applications.

Read next: Brand Phishing Report for Q2 2020 Reveals That Google, Amazon, WhatsApp and Facebook Are Now The Most Imitated Brands for Phishing
Previous Post Next Post