Facebook has decided to delve deeper into commerce with the creation of a new group focused on payments. According to Bloomberg, it’s called F2 internally (short for Facebook Financial), and is meant to take care of all payments-related projects including Facebook Pay, the company’s own e-commerce system. The leader of the group is David Marcus, who’s also the co-creator of Facebook’s much-maligned Libra cryptocurrency project.
The group is said to house other Facebook commerce projects such as Novi (formerly known as Calibra), a digital wallet designed for Libra, as well as WhatsApp Pay, which went live a few months ago in Brazil. The idea here, according to Bloomberg, is to unify payments on the company’s various platforms such as Instagram, Messenger and WhatsApp under one roof.