Facebook Make it EASY to send and receive money By LIBRA Wallet
Facebook is coming together with 27 organizations around the world to start A new currency called Libra.
Libra’s mission is to create a simple global financial infrastructure that empowers billions of people around the world. It’s powered by blockchain technology and the plan is to launch it in 2020.
There are around a billion people who don’t have a bank account but do have a mobile phone, the positive impact that they don’t have to always carry cash which can be insecure.
Facebook is also launching an independent subsidiary called Calibra that will build services that let you send, spend and save Libra — starting with a digital wallet that will be available in WhatsApp and Messenger and as a standalone app next year.
Calibra will be regulated like other payment service providers. Any information you share with Calibra will be kept separate from the information you share on Facebook. From the beginning, Calibra will let you send Libra to almost anyone with a smartphone at low to no cost. Over time, we hope to offer more services for people and businesses — like paying bills with the push of a button, buying coffee with the scan of a code, or riding local public transit without needing to carry cash or a metro pass.
Many other companies will build their own services using Libra — from payment companies like Mastercard, PayPal, PayU, Stripe and Visa, to popular services like Booking, eBay, Farfetch, Lyft, Spotify and Uber, to non-profits doing important work around financial inclusion like Kiva, Mercy Corps and Women’s World Banking, to companies in the crypto space like Anchorage, Coinbase, Xapo, and Bison Trails. A number of leading Venture firms are also joining to help drive innovation on the Libra network.
WHAT ABOUT DATA PRIVACY?
All of this is built on blockchain technology, and It’s available to anyone with an internet connection and has low fees and costs. And it’s secured by cryptography which helps keep your money safe.
This is an important part of the vision for a privacy-focused social platform — where you can interact in all the ways you’d want privately, from messaging to secure payments.
Privacy and safety will be built into every step. For example, Calibra will have a dedicated team of experts in risk management focused on preventing people from using Calibra for fraudulent purposes, so if you lose your Libra coins, they’ll offer refunds. so you’ll have the option to use many other third-party wallets on the Libra network.
This is the beginning of an exciting journey