Newly Formed Facebook Coallition to Take Control of Payments Across Platforms

Newly Formed Facebook Coallition to Take Control of Payments Across Platforms

There are reports that Facebook is currently seeking to push efforts into the digital payments space. The newly formed FacebookFinancial will be charged with all payment projects. Furthermore, its WhatsApp digital payment service will also be included in the project.

Facebook’s pay services will be taken over by Facebook Financial. It will allow users to send and receive money across all of the giant’s family of apps. The aformentioned WhatsApp Pay will also allow clients of both conglomerates to purchase and/or trasnfer money. One pro aspect of this is that users can trasnfer money directly from the chat platform.

The newly appointed head of the project, David Marcus, was previously head of the Facebook’s messaging service in 2014, and was quickly put on top of cryptocurrencies operations as a result of his work.

Marcus will continue to head the Novi susbsidiary, or as was known before- Calibra-, which is the main manageral branch that takes care of Facebook’s Libra digital coin. On top of all these project, Marcus will take the position of FacebookFinancial.

Stephane Kasriel, former Upwork CEO, has been put alongside Marcus as vice president.

FacebookFinancial’s integration unto the platfrom is part of a bigger push to facilitate Facebook’s payments as a whole.

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