The social networking giant on Monday announced to hire former PayPal executive Stephane Kasriel to head its Facebook Pay service, along with unveiling a new group to pursue payments and commerce opportunities.
Called F2 internally, short for Facebook Financial, the team will run all payments projects, including Facebook Pay, reports Detroit News.
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Facebook’s cryptocurrency head David Marcus, who is reported to run the new payment group, announced the news on Twitter.
“Today we’re creating a new group to look after all things payments/FS @Facebook (FB Pay, Novi, WhatsApp payments, …). With that, I’m excited to welcome @skasriel to look after FB Payments. No changes @Novi, which I’ll continue to lead directly,” Marcus tweeted.
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Novi is the division that is building a digital wallet to hold the Libra cryptocurrency.
“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,”: Marcus was quoted as saying.
Facebook in November last year launched a new payments system that will work across its app ecosystem — Facebook, Messenger, Instagram and WhatsApp.
Facebook Pay supports most major credit and debit cards as well as PayPal.
–IANS
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