Facebook rolled out its cryptocurrency ‘Libra’ and digital Wallet ‘Calibra’ which will be officially launched in 2020. This is how Facebook has decided to delve into financial services. The aim is to make sending money as effortless as sending a text. Libra will also be used to pay for your mundane transactions like cabs and groceries.
Libra is going to be powered by blockchain technology and the digital wallet will be made available on its own app as well as on Whatsapp and Facebook Messenger. “For many people around the world, even basic financial services are still out of reach: almost half of the adults in the world don’t have an active bank account and those numbers are worse in developing countries and even worse for women”, Facebook stated. The company is diligent on making Calibra secure.
This can prove to be the next big thing for Facebook, not only because of its humongous consumer base but also because of its acquisitions of Whatsapp and Instagram in the past. This gives Facebook a huge competitive edge, it is sure to disrupt the Payment industry with this launch in the coming year. “Given Facebook’s lofty goals — and its reputation for disregarding privacy and exacerbating immense political and social issues throughout the world — the announcement of Libra was followed by immediate backlash from regulators. Facebook will have a lot of questions to answer ahead of the currency’s launch in the first half of 2020”, The Verge reported.