Facebook, the world's largest social media platform is planning to introduce new mobile payment options and installments venture which will include Facebook Pay.

The move will give the 2.50 billion Facebook users an easier and more user-friendly interface to pay, according to a report in Finance Rewind

Facebook Messenger developer, David Marcus will lead the development of this project.

Facebook's plan for new mobile payment options open up competition between payment apps such as: Apple Pay; Pay Pal; Paytm; AmazonPay; and Google Pay.

Mark Zuckerberg said in the report that Facebook is ready to compete with other payment apps and platforms.

The upcoming app has yet to be named but it will be available first in the U.S. and after that, worldwide.