Facebook Libra: All you need to know

Facebook has recently formed a new subsidiary ‘Calibra’ that aims to provide financial services for people in the Libra network. Calibra’s first product would be a digital wallet for Libra, a new global currency working on blockchain technology. The wallet will be available in Messenger, WhatsApp and as a standalone app and the company is planning to in 2020.

With Calira, Facebook wants to help around the world where even basic financial services are still out of reach and almost half of the adults don’t have an active bank account. The Calibra will let you use to save, send and spend Libra. From the start, Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost.

Soon after Facebook hopes to offer other additional services for people and businesses such as paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass.

Facebook says, it will be using the same verification and anti-fraud processes that banks and credit cards use, when it launches Calibra in 2020. The company would also have automated systems in place that will proactively monitor activity to detect and prevent fraudulent behaviour and will also offer dedicated live support to help if you lose your phone or your password. And if someone fraudulently gains access to your account and you lose some Libra as a result, we’ll offer you a refund.

No account information or financial data stored in Calibra would be share with Facebook or any third party without customer consent, meaning Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook family of products. Calibra will use Facebook data to comply with the law, secure customers’ accounts, mitigate risk and prevent criminal activity.