Arriving in 2020, together with the Libra cryptocurrency, Calibra will manage the currency’s financial services
Calibra is a new digital currency wallet of Facebook whose goal is to provide financial services that allow people to access and participate in the Libra network. The first product it will introduce will be a digital wallet for cryptocurrency, a new digital currency powered by Blockchain technology. The portfolio will be available on Messenger, WhatsApp and as a single application – which is expected to launch in 2020.
Calibra will be the Digital Wallet of the New Facebook Cryptocurrency
Anyone who, to date, has an internet connection can access any type of useful service at little or no cost – whether to try to stay in touch with friends and family, or to learn new things or even start a business. But when it comes to saving, sending or spending money, it’s not so easy.
For many people, all over the world, even the most basic financial services are out of reach: almost half of the adults in the world have no bank account and the numbers get worse in developing countries, but even more for women. Furthermore, the cost of this exclusion is quite high: about 70% of small businesses in developing countries do not have access to credit and about 25 billion dollars a year are lost by migrants in remittances, remote payments.
This is the challenge that Calibra intends to face: the new digital wallet to use to save, send and spend with Libra cryptocurrency. From the beginning it will allow Libra to be sent to any person who owns a smartphone, as instantly and quickly as when sending a message at low or no cost.
Subsequently, the intention is to integrate additional services for people and companies such as the ability to pay bills with a simple button, buy a cup of coffee by scanning a code or get on a public transport without the need to bring with him cash or the metro pass.
At launch, Calibra will have a strong data protection system so that money and information are safe. The same verification and anti-fraud processes that use banks and credit cards will be used and automated systems will be used that will proactively monitor user activity to detect and prevent fraudulent behavior.
A live support will also be offered if the phone is lost or the password is not remembered and if someone hacked access to an account and lost a bit of Libra, a refund will be offered. Except in very limited cases, Calibra will not share account information or financial data with Facebook or any third party without the client’s consent. This includes the exclusions of information for Facebook ads.
The few cases in which they could be shared only include their use to maintain the security of the service, in compliance with the law, and to allow the basic functionalities to the people who use the service. Therefore, Calibra will use Facebook data to comply with the law, secure customer profiles, reduce risks and prevent illegal activities.