A new payments group, Facebook Financial, has been formed by the social media conglomerate. Online shopping is up in the midst of the pandemic and Facebook is positioning the company to capitalize on current and upcoming payments and e-commerce opportunities. The group is led by former PayPal president and Libra cryptocurrency co-creator David Marcus.
Facebook has long been interested in payments and commerce and has launched Libra among numerous other payment initiatives. None of its payments products have scaled and gone mainstream in a meaningful way. The new unit is a way to bring focus and a more successful strategy to Facebook’s numerous payments forays. The intended result is to drive new revenue streams while accessing better consumer financial data that can drive Facebook’s core advertising business.