Facebook created a new payments group in order to oversee the company's various commerce projects. The payments group is named F2, which is short for Facebook financial, and it will oversee projects for Facebook Pay and WhatsApp Pay. The social media company appointed David Marcus to run the new group, who was a co-creator of Facebook’s Libra cryptocurrency.
Creating a dedicated payments group will help the platform streamline financial transactions for users. The CEO of Facebook, Mark Zuckerberg, spoke about the growing role of transactions on Facebook-owned platforms, "As payments grow across Messenger and WhatsApp, and as we’re able to roll that out in more places, I think that will only grow as a trend."
Social Media Payment Groups
Facebook Created a New Payments Group to Handle Transactions
Trend Themes
1. Dedicated Payment Teams - The creation of dedicated payment teams will become more common among social media companies in order to streamline financial transactions.
2. In-app Payment Services - Social media platforms will increasingly offer in-app payment services to users, in order to increase user engagement and convenience.
3. Cryptocurrency Integration - More social media companies will explore cryptocurrency integration as a way to offer users a more accessible and secure way to make transactions.
Industry Implications
1. Social Media - The social media industry will see disruptive innovation opportunities as they create new payment teams and integrate payment services.
2. Digital Payments - The digital payments industry will see a continued shift towards in-app payment services as social media companies try to make transactions more seamless and convenient.
3. Cryptocurrency - The cryptocurrency industry could see a boost in adoption as social media companies explore integration of this technology into their payment services.