Former PayPal exec Stephane Kasriel will head Facebook Pay, its Venmo-like service, backed by new team

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Former PayPal exec Stephane Kasriel will head Facebook Pay, its Venmo-like service, backed by new team

David Marcus, vice president of messaging products for Facebook Inc., speaks during a Bloomberg Television interview on the sidelines of the Wall S

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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, U.S., on Wednesday, Oct. 18, 2017.

Patrick T. Fallon | Bloomberg | Getty Images

Facebook is bringing in former PayPal executive Stephane Kasriel to head Facebook Pay, its Venmo-like service, Facebook’s cryptocurrency head David Marcus said Monday.

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

Facebook did not immediately respond to a request for comment.

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

Facebook is also backing a digital payment system called Libra, with the intention of making it easier for people to send money across the world. While Libra will be run by a nonprofit association, Facebook houses and could profit off of Novi, a digital wallet for storing and exchanging the digital coin.

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