Facebook’s Digital Cash Service
Calibra is a Facebook subsidiary for financial services that will first act as a digital wallet to the cryptocurrency Libra, a digital form of money built on the foundation of the Libra Blockchain. With Calibra, you can save, spend, and send money to others as easily as you would send messages or photos. This ease of usage for finance is integrated into social media apps such as Messenger and WhatsApp, as well as Calibra’s own app.
From Paper Bills to Virtual Text
Calibra is like an online bank account in a convenient pocket size. It handles everything that has to do with your Libra or digital currency. Firstly, you convert your real money into Libra so you’ll have handy digital cash with you anytime. This is a perfect set-up in the online age, where almost everyone owns some form of a smartphone. Calibra acts as your easy-to-reach wallet, letting you give out money to others through the likes of Messenger and WhatsApp. All you have to do is send it like a message and the person will definitely receive it. There won’t be much charge for sending money, as well, since Calibra aims to help you save most of your cash. Calibra’s main concern is to provide everyone with a means to do online financing, especially for those people without bank accounts, online or not. That’s why Calibra is meant to be easy to use and access, and the security measures Facebook implemented on it are tight.
A Secure Vault
Calibra will require you to have government-issued IDs for you to be able to use its services, whether or not you have Facebook or its app. It’s the first step in identity verification and preventing fraud—which is something most people are afraid of when it comes to cryptocurrency. However, Calibra promises that its in-app fraud prevention, reporting, and dedicated customer service will be of great help. In the event of such a situation, you will receive a full refund. It’s a reassuring statement, since Calibra not only offers the ability to send off money, but also the ability to pay bills, buy items via scanning a code, and use it as transportation fees. There’s a lot of wariness around the concept of digital money, especially with the topic of the infamous Bitcoin, but Facebook’s financial service is similar to its own goal of connecting people together, so Calibra is more focused on helping you with managing your wallet.
Convenient but Take Care
Nowadays, a lot of people rely on their cards or online credits rather than actual paper bills. It’s easier to use, since transferring real money around costs you time and money, as well. However, Calibra will make sure that you don’t waste as much on gifting your friends with some cash so you don’t have to keep worrying about your own stash. There’s still the usual safety warning about financial accounts, though, so Calibra should be used wisely. Even the most secure of banks have fraudulent cases, so in the end, your responsibility as a user will determine how well Calibra will work for you.
