A new unit was created by Facebook dedicated to financial services. The aim was to standardize the payment services on its platform.
The e-commerce veteran David Marcus will head the new group called Facebook Financial. He was also the president of PayPal before he joined Facebook six years ago.
Marcus is also amongst the creators of Libra, the digital money network of Facebook. Also, he headed the team building a Novi digital wallet custom-made for the currency.
The Novi wallet will launch when the Libra coins debut. It promises to give Facebook opportunities to develop financial services into its offerings. It has offered to expand its commerce and allow small businesses to purchase ads on Facebook.
The management and strategy for all the payments will be handled by Facebook Financial along with the money services across the Silicon Valley company’s platform.
In an email reply to an AFP inquiry, Facebook said, “Today various payments features exist across our apps, and we want to make sure decision making, execution, and compliance are not fragmented.”
Adding, “We want to be able to give people the ability to make a payment however they choose — debit, credit or Libra digital currencies.”
As the Federal Reserve noticed the security issues of the Facebook currency Libra, it unveiled plans for its own instant payments system.