On Monday, Facebook (FB) announced that it would be launching a new initiative to manage payment and commerce for the company – Facebook Financial, also called F2. The new division of the social media giant will be focused on expanding and managing opportunities for payments being made through all of its apps.
Facebook tapped David Marcus, co-creator of the company’s cryptocurrency project Libra, to head up F2. Marcus has been with Facebook since 2014, where he was hired to run Facebook Messenger before eventually running Libra. Prior to Facebook, Marcus served as president for pay giant PayPal Holdings, Inc. While managing F2, Marcus will continue to run efforts in Libra as well.
By developing its own division to manage payments related to Facebook and its apps, the social media company hopes to institute better control over the products and individual applications that it owns and runs. It’s believed that Facebook’s advertising revenue will see more growth and potentially grow in power if more payment opportunities are allotted to users on apps like Instagram, Messenger, and WhatsApp. Through F2, it’s also expected that developments in the area of payments in India and Brazil through WhatsApp will be focused on.
At the time of this article’s writing, Facebook stock was down by 2.33% to $262.1727. Facebook has been in the news quite a bit lately, but it’s expected that investors will most likely be watching this financial development closely.
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