Facebook has formed a subsidiary Calibra, a digital wallet for the new digital currency Libra, expected to launch in 2020.
The wallet will be available in Messenger, WhatsApp and as a standalone app. Calibra will let you send Libra to almost anyone with a smartphone at low to no cost.
The company also plans to offer additional services for people like paying bills, buying a cup of coffee by scanning a code or riding public transit without carrying cash or a metro pass.
Facebook will be using verification and anti-fraud processes that banks and credit cards use and will have automated systems that monitor activity to detect & prevent fraudulent behavior along with live support to help.
If someone fraudulently gains access to your account and you lose some Libra, the platform will offer you a refund.
Facebook claims “Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook family of products”.
Apart from limited cases, Calibra will not share account information or financial data with Facebook or any third party without customer consent.
Libra is built on a blockchain, backed by a reserve of assets and governed by the independent Libra Association.