Facebook may be ready to make even more of a move in the world of commerce after announcing the creation of a new business unit dedicated to finance. Bloomberg reports that the new F2 (Facebook Financial) group will oversee all of the company's commerce and payments projects in a bid to further expand its technological reach. This includes Facebook Pay, which is used by the social network of the same name, as well as its instant messaging application Messenger, but also WhatsApp Pay, the burgeoning payment service that the company is trying to launch in various countries around the world.
Facebook F2
F2 is reportedly led by David Marcus, the mastermind behind Facebook's famous Libra cryptocurrency service, and the company's (formerly Calibra) digital wallet (formerly Calibra) also reports to the new group. The move comes as Facebook seeks to evolve towards a more profitable business model based on advertising and the ease of reaching customers on its platforms. Facebook has over 2.6 billion monthly active users globally, WhatsApp also has around two billion monthly active users, which is a potentially huge user base for advertisers to target: Facebook benefits from 'a healthy fit While it doesn't have the same magnitude of impact as Apple Pay and Android Pay, Facebook Pay has seen good growth since its launch in November 2019. Users can link the service to a credit card or PayPal account, giving them allows you to send and receive funds on Messenger, WhatsApp and Instagram. Facebook Pay supports most major credit and debit cards, as well as PayPal, which, along with Stripe and other payment companies, will handle transaction processing. Via Bloomberg