#Payments #BigTech / Marcus to lead new Facebook Financial unit

Facebook has created a new group, led by David Marcus, to house all of its payments and commerce work… Called F2, or Facebook Financial, the group will bring together all of Facebook’s payments projects, from Facebook Pay to the WhatsApp plans in India and Brazil, to the Libra-linked wallet Novi.

Former Upwork CEO Stephane Kasriel has been brought in as a payments VP to help ex-PayPal president Marcus run the team… The move is consistent with last year’s decision to consolidate payments services across the main Facebook app, Messenger, Instagram and WhatsApp.

[Marcus:] “We have a lot of commerce stuff going on across Facebook. It felt like it was the right thing to do to rationalize the strategy at a company level around all things payments.”