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Facebook on Tuesday revealed plans for its very own financial service provider Calibra, and the service’s digital wallet for its Libra cryptocurrency.
“The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology,” Facebook explained on its blog.
The wallet will allow users to send money to other smartphone users via WhatsApp, Messenger and Libra’s own app.
The service will be “low to no cost”, according to the company.
“And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass,” Facebook also said.
The company assured that this will be a safe and private product that will only expose your financial information to third parties and Facebook itself in “limited cases” where legal or safety issues arise.
“This means Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook family of products,” Facebook further explained.
Calibra is still in development, however Facebook believes the digital wallet service will launch in 2020.
Feature image: Facebook