Facebook Launches Fintech Product Group F2 to Run Payments Across All its Apps

Facebook has expanded its fintech horizons and announced the launch of a new product group dedicated to payments purposes. 

Introducing Facebook Financial

The new group, called Facebook Financial, or F2 by the internal team behind it, will direct all Facebook payments projects and regroup all of the platform’s ventures under one umbrella. The fintech project includes Facebook Pay, which is the social media company’s universal payment system. Facebook plans to incorporate it inside all of its apps. 

Facebook implements payments project

Facebook Financial will be run by Facebook cryptocurrency Libra’s co-creator, David Marcus. In speaking about his company’s move on payments projects to Bloomberg, Marcus said, “We have a lot of commerce stuff going on across Facebook. It felt like it was the right thing to do to rationalize the strategy at a company level around all things payments.” 

Facebook is seeking to improve its commerce and payments within the company, and across all apps that it owns, which include Instagram, Messenger and WhatsApp. Facebook CEO Mark Zuckerberg has publicly announced that he planning on integrating all of Facebook’s messaging services. The belief is that by making a payment system available across all apps, Facebook’s advertising will grow to be indispensable, which consequently will boost the amount of time that Facebook users spend on Instagram, Messenger, WhatsApp, and Facebook. 

Rebranding of Libra's crypto wallet

Libra co-creator Marcus appears to be the perfect person to direct the new payments project launched by Facebook, as he has been working for Facebook since 2014 and was formerly the president of PayPal Holdings Inc. The Facebook veteran has been hard at work in making Libra a cryptocurrency that can be used for cross border payments purposes.  

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