Facebook created a new financial division to house all of its digital payments projects, with two former PayPal executives leading the charge as the company works to strengthen e-commerce offerings across its family of apps.
Bloomberg reported David Marcus was installed as head of Facebook Financial, adding to his existing duties overseeing the company’s digital wallet play, Novi [1]: he is a former PayPal president.
In a tweet, Marcus said the company also appointed former Upwork CEO and PayPal executive Stephane Kasriel as VP of Facebook Payments. Marcus and Kasriel previously worked together at mobile payment company Zong before it was acquired by PayPal in 2011.
The shift comes as Facebook aims to overcome challenges facing its various payment initiatives, which include including Novi; cryptocurrency Libra [2]; Facebook Pay [3]; and WhatsApp payments [4].
During Facebook’s Q2 earnings call, CEO Mark Zuckerberg highlighted improvements to Facebook Pay and commerce business on Messenger and WhatsApp as key areas of focus.
Marcus told Bloomberg unifying all of Facebook’s payment efforts under leaders with experience dealing with financial regulation will ensure its products are built “the right way from the get-go”.
[1] https://www.mobileworldlive.com/money/facebook-rebrands-digital-wallet-to-escape-libra
[2] https://www.mobileworldlive.com/featured-content/top-three/facebook-details-path-forward-for-libra-project
[3] https://www.mobileworldlive.com/featured-content/money-home-banner/facebook-unveils-payments-brand-faces-india-setback
[4] https://www.mobileworldlive.com/apps/news-apps/whatsapp-fights-for-brazil-money-future
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