Facebook has merged its three payment departments into one. The name of the new department is Facebook Financial.
Facebook has been much talked about in the crypto world over the past year. This is mainly due to the internet giant’s planned cryptocurrency libra – a project that has encountered a lot of opposition from the world’s rulers.
In addition to libra, which is run by a non-profit organization in Switzerland, Facebook has several other payment initiatives under its umbrella.
Facebook’s three payment departments will be one
These are Novi (formerly Calibra), which will function as a wallet for libra, Facebook Pay, which is a counterpart to Swish, and Whats App Pay, which enables payments in the app with the same name.
Now Facebook has decided to combine these three initiatives into its own department within the company, reports Bloomberg.
The department has the name Facebook Financial, but internally it is called F2. It will be led by David Marcus, who is already in charge of Novi, a position he will continue to have.
David Marcus has also been one of Libra’s most vocal advocates – including in the interrogations in the US Congress that were held last year regarding the planned cryptocurrency.
Facebook Pay must be integrated with all apps
At the same time, Stephane Kasriel , with a past at, among others, the payment giant Paypal, joins as the new head of Facebook Pay.
Facebook Pay is planned to be integrated into all the company’s apps and within a few weeks it will be available to American users of Instagram, Bloomberg reports .