When it launches in 2020, the digital wallet will be available in Messenger, WhatsApp, but also as a standalone app. The move to produce such a service is centered on the people’s need to save, send or spend money even if they do not posses a bank account.

 

Obviously, many people around the world still do not benefit from even basic financial services, significantly in developing countries. Calibra, the company behind the financial service, is meant to address this problem since it will allow those that don’t have a bank account to save, send and spend Libra.

 

Most importantly of all, Calibra allows members to send Libra to virtually anyone with a smartphone just like sending a text message. Excessive services will be provided to those using Libra in the future, including the option to pay their bills.

 

Facebook affirms that Calibra will not share account information or financial data with its servers or any third party without customer consent. Furthermore, the social network company states that Calibra will use Facebook data to comply with the law, secure customers’ accounts and prevent criminal activity.

 

It remains to be seen what merchants will accept Facebook’s new crypto currency and how companies in developing countries will be encouraged to pay their workers in Libra if they so choose.

 

Source: TRONSERVE