(Last Updated On: August 12, 2020)

Facebook is going deep into the commerce world after it had announced the development of a new finance business unit.

The new F2 (Facebook Financial) group will overlook the company’s commerce and payments related to projects as it focuses on growing its technology reach even more.

This also contains Facebook Pay, which is used on the social networking app, Messenger and Whatsapp Pay, which the company is trying to release in various countries around the world.

David Marcus leads F2 and is the one that came up with Facebook’s Libra cryptocurrency service, along with the Novi digital wallet which used to be called Calibra, also coming under the new group.

This shift came as Facebook seeks a more profitable business model based on advertising and the simplicity of connecting with customers using its platforms.

Facebook has more than 2.6 billion active users monthly around the world, WhatsApp has about 2 billion active users monthly as well, which shows the possibility of a large user base for advertisers to aim at – along with Facebook receiving a sizable cut.

Even though it has not seen the same amount of impact that Apple Pay or Android Pay experienced, Facebook did see a significant amount of growth since it released in November last year. Users are able to sync the service to their credit cards or PayPay accounts, which lets them send and receive money on Messenger, Whatsapp and Instagram.

Facebook Pay supports a large portion of major credit and debit cards as well as PayPal, which handles the transaction processing.

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