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Home / Business / Facebook Pay will be run by former PayPal executive Stephane Kasriel

Facebook Pay will be run by former PayPal executive Stephane Kasriel



David Marcus, vice president of messaging products for Facebook Inc., speaks during a Bloomberg Television interview on the sidelines of the Wall Street Journal D.Live global technology conference in Laguna Beach, California, USA, on Wednesday, October 18, 2017.

Patrick T. Fallon | Bloomberg | Getty Images

Facebook is bringing in former PayPal chief executive Stephane Kasriel to head Facebook Pay, his service as Venmo, Facebook cryptocurrency chief David Marcus said on Monday.

Facebook is also forming a new team that will oversee a handful of payment services that Facebook announced last year, in a move that could help connect its family of apps even closer.

Facebook did not immediately respond to a request for comment.

Facebook has been further introduced into the payment space over the past year. The company launched Facebook Pay, which allows users to send money over its app family, to proper Facebook and Facebook Messenger last November. He intends to pull Payment widely in the US on Instagram in the coming weeks, and is currently testing Pay on WhatsApp in Brazil.

Facebook is also supporting a digital payment system called Libra, with the aim of making it easier for people to send money worldwide. While Libra will be run by a non-profit association, Facebook hosts and can take advantage of Novi, a digital portfolio for storing and exchanging digital currency.

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