Facebook Launches New Unit To Run Its Payment Projects

Facebook Launches New Unit To Run Its Payment Projects

TOPLINE

Facebook will fold its payment projects, including Facebook Pay, into a new division called Facebook Financial to be led by David Marcus, co-creator of its Libra cryptocurrency project, as the social networking giant seeks to boost shopping across its platforms to compete with e-commerce giant Amazon amid an uptick in e-commerce during the coronavirus pandemic.

(FILES) In this file photo taken on May 1, 2018 Facebook CEO Mark Zuckerberg speaks during the ... [+] annual F8 summit at the San Jose McEnery Convention Center in San Jose, California. - Facebook is leaping into the world of cryptocurrency with its own digital money, designed to let people save, send or spend money as easily as firing off text messages."Libra" -- described as "a new global currency" -- was unveiled June