NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, June 21, 2019

Facebook has released more details of its planned currency Libra. The first product will be a digital wallet designed to make it easy to save, spend and transfer money over the internet. The wallet will be available in Messenger, WhatsApp and as a standalone app, with an expected launch in 2020, the company said.

Facebook said the new service aims to reduce financial exclusion, as many people around the world still lack access to basic financial services. From the start, users will be able to send Libra over the Calibra wallet “to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost”, Facebook said. In time, it plans to offer additional services for consumers and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding public transit without needing to carry cash or a metro pass.

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