Facebook has unveiled a new financial unit called Facebook Financial, which is going to be directed by the co-founder of the Libra blockchain project David Marcus.
“Today, we are creating a new group that will monitor everything related to payments / financial services on Facebook,” said Markus.
One of the projects that Facebook Financial is going to work on will be the Facebook Pay payment system, which the company intends to integrate into all its applications.
Markus, who served as president of PayPal Holdings before joining Facebook, will proceed to lead the development of Novi's digital wallet for Libra. “No changes regarding Novi, I will continue to direct this project directly,” Marcus said in a tweet.
At Facebook Financial, he will continue his work on the WhatsApp payment system in India, Brazil, and other countries (Brazil's central bank suspended the WhatsApp payment service just a week after it launched in June 2020).
The ultimate goal of these projects is to improve the effectiveness of Facebook ads by adding the ability to buy products right from Instagram, Messenger, or WhatsApp.