Today, Facebook shared its plans for Calibra, a new subsidiary of Facebook which is aimed towards the goal of providing financial services that will let people access and participate in Libra Network. The initial product of Calibra will be a digital wallet for Libra, the new global currency powered by blockchain technology. It will be available in Messenger, WhatsApp and as a standalone app and it is expected to start in 2020.
If you have access to the Internet, you can reach all kind of useful services for minimal cost- whether you’re trying to stay connected with family and friends, learn new things or even start a business. But when it comes to saving, sending and spending money, it’s tough.
For a lot of people in the world, basic financial services are out of reach. 50 percent of the adult population don’t have an active bank account, says a World Bank report. Similarly, Gates foundation underlines the numbers are worse in developing countries and in case of women. Approximately 70% of small businesses in developing countries don’t have access to credit.
Facebook plans to address the same challenge with Calibra, a new digital wallet where we will be able to save, send and spend Libra.
Initially, Calibra will allow the user to send Libra to anyone with a smartphone, as easily and instantly as you might send a text message and at no cost. Additional services will include paying bills, buying a cup of coffee with the scan of the code or riding you public transport cashless.
Security & Privacy
Calibra will have strong security measures to keep the user’s money and information safe. Facebook will use the same security measures, verification processes and anti-fraud process used by the banks and credit cards. In addition, Facebook will have automated systems that will keep a check on the activity to detect and prevent fraudulent behavior.
Facebook also promises to protect user’s privacy. Calibra will not share account information or financial data with Facebook or any third party without user’s consent. That means Facebook will not use Calibra’s data to improve it’s target customers through ads. The limited cases where this data may be shared reflect our need to keep people safe, comply with the law and provide basic functionality to the people who use Calibra. Calibra will use Facebook data to comply with the law, secure customers’ accounts, mitigate risk and prevent criminal activity.
In the meantime, if you’d like to be among the first to know when Calibra is available, you can sign up here.