Facebook forms new payments division

The social network Facebook has announced the creation of a new division focused on the company’s payments initiatives. The new group is led by Libra project co-founder David Marcus, according to Bloomberg.

The division has been named Facebook Financial (F2 within the company). Its remit will include payment projects, including the Facebook Pay service, which the social network plans to embed into all of its apps.

Facebook expects that integrating payment solutions into Instagram, Messenger and WhatsApp will push up ad prices, and users will spend more time within the apps themselves.

David Marcus will continue to lead Novi, the payments solution at the heart of the Libra ecosystem.

The rebranding of the Calibra wallet was completed in May 2020. Novi will become a standalone app and will be integrated into WhatsApp and Messenger. The company says that with Novi, users will be able to transfer funds instantly and with no hidden fees.

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