Calibra: Key facts about Facebook's digital wallet

Social media giant, Facebook, earlier in the week unveiled plans to launch new cryptocurrency Libra in the first half of 2020. It also revealed the company's in-house built e-wallet Calibra.

Facebook's Calibra will be the first digital wallet that'll support Libra e-currency. It will be available on both the Apple App Store for iOS devices and Google Play for Android mobiles. 

Here are key aspects of Calibra:

  • With Calibra, anybody can send or receive Libra coins from friends and family via smartphones as easy as sending text messages. 
  • But, for inter-country Libra coin transaction, consumers have to pay a fee. In select markets, there won't be any fee
  • Facebook also has plans to integrate Calibra with WhatsApp and Facebook Messenger in the future
  • Over-time, depending on the user demand, Facebook has plans to bring additional services for people and businesses, like paying bills with the push 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 or a metro pass.

Must read | Libra: Key facts about Facebook's new cryptocurrency

  • Once Calibra officially launches along with Libra in 2020, it will be protected by advanced security protocols to prevent a hacker from stealing digital currency and personal information. It will have the same if not better than prevailing verification and anti-fraud processes that banks and credit card company use

Calibra app interface; picture credit: Facebook

  • Facebook says there will be automated systems that will proactively monitor activity to detect and prevent fraudulent behavior. Also, offer dedicated live support to help if the user loses the phone or forget the password
  • If someone fraudulently gains access to your account and you lose some Libra as a result, Calibra offer you a refund
  • The company has categorically stated that Calibra will not share account information or financial data with Facebook or any third party without customer consent. This means Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook family of products.

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