Social-Media
Facebook takes your go-to mobile payments more seriously
According to Bloomberg, Facebook aimed to achieve more cohesive digital payments strategy with the establishment of a new division, Facebook Financial, which will run every payment project, including Facebook Pay. The unit is led by David Marcus, an experienced Facebook executive who was previously responsible for Messenger, before focusing on the company's blockchain efforts and cryptocurrency Libra.
He will still supervise this effort, but if not more important than that Facebook Financial will prove as it seeks to get its very popular apps – Facebook, Messenger, Instagram and WhatsApp – running on the same backbone message.
Facebook Pay enables you to send money to friends / family or buy goods on software platforms on Facebook. It is still widely restricted to the core Facebook App, although it can be used in Facebook , Messenger & Instagram elsewhere in the United States.
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
Keeping Facebook users within those payments apps will help to achieve the full result of the company's advertising, rather than allowing them to slip away into Apple Pay , Google Pay, Venmo, PayPal, Zelle, and other DC platforms. When payments are growing across Messenger and WhatsApp, I think that's a trend, Zuckerberg, CEO of the Facebook company, told us about the latest profit call.
The Novi unit and the flared Libra cryptocurrency on Facebook is going to fall under the financial framework of Facebook. After months of regulatory pressure and financial partners rescuing the effort, Facebook had to change the plans for Libra.
Facebook has no official Facebook Financial announcement (internally called F2, via Bloomberg), but it continues to pursue more coherent Facebook experience — such as how "Facebook" is stamped on the Instagram and WhatsApp load screens.
