Facebook Launches Fintech Product Group F2 to Run Payments Across All its Apps
Introducing Facebook Financial
A new group called Facebook Financial, or F2 was recently launched to the public. F2 will manage all payment items at Facebook and summarize all platforms under one umbrella.
This fintech project includes Facebook Pay, a global payment system by Mark Zuckerberg, and social media company Facebook is preparing an "All-in-one" plan in its app.
Facebook implements a payment project
Facebook Libra co-creator David Marcus will be responsible for running Facebook Financial itself. When talking about his company's new move towards payment projects for Bloomberg, Marcus said, “We have a lot of commercial tools running around Facebook. It is the right thing to do so the company can optimize its payout strategy. ”
Currently, all of their proprietary applications, including social networks Facebook, Instagram, WhatsApp or Messenger, are gradually being upgraded with payment and commercialization issues. Mark Zuckerberg, Facebook's CEO released the latest press release that he is ready for plans to integrate them into all of Facebook's messaging platforms. Vision wants to bring smart applications, ready payment system. From there, the amount of time Facebook users spend on Instagram, Messenger, WhatsApp, and Facebook will increase.
Rebranding Libra's crypto wallet
And Marcus, the co-creator of the Libra virtual currency, appears to be the most perfect person who can run, manage this new payments project preparing to launch this. He has been with Facebook since 2014 and has been with PayPal Holdings Inc. for a long time. as the President. Soon, Libra will become a cryptocurrency with cross-border payments.
With Facebook, Facebook's previous fintech projects are now all integrated in one entity. Specifically, Marcus will manage Novi wallet, which simply rebrands Libra's digital wallet Calibra, and he will begin implementing the system on Facebook and WhatsApp payment platforms.
Fintech joint ventures with large numbers
Facebook has been trying to promote payment service WhatsApp expansion in Brazil and India. The company has actively tried to integrate into the commercial markets of those countries, but these WhatsApp payment projects have so far not been implemented in India and Brazil.
Facebook CEO Zuckerberg predicts that Facebook's new companies will make fintech predictions. He said:
"As payments grow on Messenger and WhatsApp and as we can roll out that feature in more places, I think that will only grow as a trend."
Having spent a very busy year for Facebook, Zuckerberg recently went to an antitrust hearing before Congress. Facebook and related companies have received mixed opinions regarding the regulatory issues surrounding the digital currency Libra. According to the Blockchain. News report, Libra was initially set to launch as an unauthorized digital currency that is widely accessible to everyone. However, due to regulatory risks, the project was neither pursued nor approved, as the regulators of the Swiss Financial Market Supervision Agency (FINMA) did not support the project. , after Libra registered for a payment system license.
Marcus, who has worked for Libra for a long time, seems to have the expertise Facebook is looking to not only navigate financial services policies but also to launch Facebook's new F2 project.