On Monday, Facebook announced that it is going to set up a new solely focusing on the financial service to improve the payment systems on its platform.
David Marcus, Ex-President of one of the best payment service platforms “PayPal”, who is currently working with Facebook for the past six years is going to lead the team for their new unit called “Facebook Financial”.
The new group will be called Facebook Financial
Marcus is one of the original creators of the “Libra” which is Facebook’s digital network and also the head of the Novi digital wallet developing team.
Both the Novi wallet as well as Libra coins are going to debut at the same time. Facebooks believe that with the help of both applications they will have more opportunities so that they can build the best financial service. Along with that, Facebook also wants to expand its commerce by allowing more and more small businesses to buy ads on social media networks. IPL 2020 Schedule
All of Facebook’s app money services and payments related functions will be handled by Facebook Financial.
While replying to an AFP inquiry, Facebook said in an email, “Today various payments features exist across our apps, and we want to make sure decision making, execution, and compliance are not fragmented,”
Furthermore, “We want to be able to give people the ability to make a payment however they choose – debit, credit, or Libra digital currencies.”
Amid security concerns related to the digital currency Libra whose launch is still due, the Federal Reserve has come up with its own instant payment system “FedNow” last week.
The Federal Reserve said, FedNow will include features like instant access to payments, wages, government sales, and benefits, that too before your check is cleared.
The central bank said the system “will be designed to maintain uninterrupted 24x7x365 processing with security features to support payment integrity and data security”
When last year Facebook announced that they are going to develop their own cryptocurrency “Libra”, they instantly had to face backlash from the various global finance officials, who raised concerns about the security and reliability of a private network.