Facebook Pay will be led by former PayPal executive Stephane Kasriel


David Marcus, vice president of messaging products for Facebook Inc., speaks during an interview with Bloomberg Television on the sidelines of the Wall Street Journal D. Live Global Technology Conference in Laguna Beach, California, United States, Wednesday, October 18, 2017.Patrick T. Fallon | Bloomberg | Getty Images

Facebook is bringing in former PayPal executive Stephane Kasriel as head of Facebook Pay, its Venmo-like service, Facebook’s cryptocurrency chief David Marcus said on Monday.Facebook is also forming a new team that will oversee the handful of payment services Facebook announced last year, in a move that could help tie its family of apps even further.

Facebook did not immediately respond to a request for comment.

Facebook has ventured further into the payments space over the past year. The company launched Facebook Pay, which allows users to send money through its family of apps, to Facebook proper and Facebook Messenger last November. It plans to roll out Pay widely in the US on Instagram in the coming weeks, and is currently testing Pay on WhatsApp in Brazil.

Facebook also supports a digital payment system called Libra, with the aim of making it easier for people to send money across the world. While Libra will be run by a nonprofit, Facebook hosts and could take advantage of Novi, a digital wallet to store and redeem the digital coin.

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