Payment service by Facebook headed by the creator of Libra cryptocurrency

Payment service by Facebook headed by the creator of Libra cryptocurrency

Facebook Libra: On 10th August 2020, Facebook inc revealed Facebook financially (F2). This new group is established to bring Facebook’s applications and products closer.

Mark Zuckerberg has spent the last 2 years designing all the applications owned by Facebook to look like it and he also made a statement that he was “quite excited” for the upcoming commercial venture.

“As payments grow across Messenger and WhatsApp, and as we’re able to roll that out in more places, I think that that will only grow as a trend,” he added. 

This venture will be headed by David Marcus. He is the co-creator of Facebook Libra cryptocurrency. He joined Facebook in 2014 and was in charge of the messenger. David will also continue to run the Novi project, division working on creating an e-wallet for Libra.

“It’s helpful to have specific expertise in financial services regulation to build things the right way from the get-go. In the financial services world, it’s very different from traditional technology companies that are not regulated.

Read More: FACEBOOK JIO DEAL TO HELP SMALL BUSINESSES ALL OVER INDIA – MARK ZUCKERBERG

We want to be able to give people the ability to make a payment however they choose — debit, credit or Libra digital currencies.” he said in his report. His experience in negotiations with overseas regulators will be very essential for this project.

Stephan Kasriel, former CEO of Upwork Inc. will be the vice president for Facebook financial (working under David). 

This effort is made by Facebook inc to bring small businesses to advertise on the social network. As per David Marcus, this will increase the advertising revenue of Facebook because users will spend more time on the applications.

Users will be able to make purchases directly from  Instagram, Messenger, or WhatsApp. In India and Brazil, users will be able to make payments from WhatsApp. Unfortunately, this project is still on hold due to regulations in both countries. 

Meanwhile, the federal reserve has also moved ahead with its payment service FedNow. This initiative was taken by the fed to end the three-day cheque clearance and instant payments. It was harshly criticized by many banking officials in the private sector. 

Whatsapp pay is reportedly based on a unified payments interface developed by the National payment corporation of India.

Recently Facebook inc also bought shares for reliance Jio platforms which may lead to the tie-up between WhatsApp pay and Jiomart. They aim to help the various Kirana store owners of India.

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