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Facebook’s Calibra: A New Digital Wallet

Recently, the reports have shared plans about a newly formed Facebook subsidiary, Calibra, whose goal is to offer financial services that will allow people access and participate in the Libra network. This first product will introduce a digital wallet for Libra, a new global currency powered by blockchain technology. This wallet will be available in WhatsApp, Messenger, and would also work as a standalone app. It is expected to launch this new wallet in 2020.

Today, if you have an internet connection, then it gets very easy to connect with family and friends, learn new things, or even start a business. But when it comes to sending, spending or saving money, it is not that easy. It is also estimated that almost half of the adults in the world don’t have active bank accounts, and those numbers are worse in developing countries, like India, and even worse for women. Approximately 70% of small businesses in developing countries lack access to credit and $25 billion is lost by migrants every year through remittance fees.

This is the challenge the developers of Calibra are hoping to address. From the beginning itself, Calibra will let you transfer Libra to almost anyone with a smartphone, as instantly and easily as you might send a text message and at low to no cost at all. The developers also hope to offer additional services for people and businesses, like paying bills with the click of a button, buying a cup of coffee with the scan of the code or riding your local public transit without needing to carry cash with you. The services are very much similar to Paytm, still, these would be helpful. Calibra also has verification and anti-fraud processes to ensure strong protections of our money and safety of our information.

Though Calibra is still under process, the developers are excited to share early glimpses and some sneak peek to the new wallet.

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elicia

Elicia is a food and mobile tech industry enthusiast. She sleeps an eye open looking for industry updates and spends weekends fishing with her husband.
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