The ‘social media giant’, Facebook finally unveils her digital currency called Libra and the Calibra Wallet for Libra, a wallet/service to be used for connecting users to the Libra network.
This financial initiative from the company will transform the fintech industry as it launches in to the blockchain technology in 2020 to leverage online transactions on a global scale that will put the banking industry on her toes!
Aside announcing the Libra, the sister product called Calibra was introduced as a digital currency wallet that will serve as a means for saving, sending and spending money seamlessly with ease.
The rationale behind the said digital currency stems from the need to bridge the gab created as a result of lack of access to financial/banking facilities by those who are far from reach. The digital service currency will be integrated into Facebook’s other products like the WhatsApp, Messengert the facebook and as a stand-alone app too.
According to Facebook, users will be able to ‘save, send and spend money’ online anywhere in the world. You will also be able to enter in to a shop and make payments via merchants or third-party services or via your wallet account balance at a low transaction cost compared to the conventional banking system.
The platform promises that it ‘ hopes to offer additional services for people and businesses, like 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’!
Additionally, there will be a quality customer care support to attend to complaints about forgotten password, fraudulent alert and refund responses accordingly.
The Calibra Wallet for Libra will utilize automated transactions via encrypted channels as used in the banking and other financial institutions for credit cards so as to offer strong protection for clients funds and personal information. This service will be managed by a network of expert financial institutions including Paypal, MasterCard, Uber, Swift, Spotify, the Vafone Group etc…