Facebook shifts to a higher gear in the fintech, here's " Facebook Financial "

The group combines its forces to launch technology fintech on WhatsApp, Messenger, and launch his own crypto-currency Libra.

Internally, they had already used to call ” F2 “. The group responsible for working on technology financial Facebook today comes to formalize its structure, and its organization. “Facebook Financial” shows the relevance of Facebook in the fintech, especially in the payments.

In parallel to the projects of Google to cooperate with the banks, Facebook is continuing its work in the fintech and goes to the top speed. To lead his new group, Facebook has appointed David Marcus as the head. A new step in the career of the French entrepreneur past by Facebook Messenger and the cryptomonnaie Libra.

First step : WhatsApp Payments

Facebook Financial will have as its first mission the deployment of the service payments on WhatsApp in India and Brazil. On June 15, the instant messaging unveiled its new service in South America, where users could send money simply and purchase products directly with the application.

In contrast, very little information has been communicated around the project Libra. We only know that Marcus and David will always be the conductor of the development of the digital currency. Recently, it was shown that Facebook continued its involvement in the project, but things would certainly take a long time.

“It is useful to have a specific expertise in the regulation of financial services to build things the right way from the start,” spoke Marcus, in reference to the difficult acceptance of the public authorities around the crypto-currency of Facebook.

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Trade online generalized

Relayed by Bloomberg, the announcement of the creation of the group “Facebook Financial” reveals the importance that the group places to trade online in its strategy of gathering its applications. Buy directly from WhatsApp, Messenger, Facebook, and, above all, Instagram is a way in which Mark Zuckerberg declared that it was ” very excited “.

“We have many things in relation to the trade that happens on Facebook “ also stated Marcus David, explaining that the payments will be at the heart of the group’s strategy, in particular to strengthen its business model based on advertising today. The new division could become the second pillar of the group’s income so to speak.