Facebook Financial division: developing the company’s payment and trading services

Facebook has created a new division to manage all the company’s payment projects. It will be headed by Libra co-founder David Marcus, according to Bloomberg news.

The new division was named Facebook Financial or F2. Its team will be responsible for payment and trading services, including Facebook Pay, which the company plans to integrate into all its apps.

Facebook expects that the integration of payment services in Instagram, Messenger and WhatsApp will increase ad revenue and the amount of time users spend in apps.

“Facebook is developing many initiatives related to commercial activities. We thought it was time to develop a rational strategy at the company level, ” said David Marcus, head of the new project.

He will continue to lead Novi, a division that creates a digital wallet for storing the Libra cryptocurrency. In addition, he will develop the WhatsApp payment system in India and Brazil.

To assist him, Upwork Inc. former CEO Stephane Kasriel was invited to the position of Facebook Financial Vice President.

Marcus moved to Facebook from his position as  PayPal President in 2014 and managed Facebook Messenger for four years before launching Libra.