\tFacebook unveiled details of its latest financial services play, a mobile wallet system designed to slash the cost of international remittance by using its cryptocurrency rather than traditional money transfers.<\/p>\n
The wallet will be developed by subsidiary Calibra and is being promoted as a solution to issues hampering financial inclusion.<\/p>\n
Launch of the wallet and associated cryptocurrency Libra is slated for 2020. Calibra wallets will be available as an add-on to Facebook\u2019s messenger and WhatsApp platforms or as a standalone app.<\/p>\n
Despite being marketed as helping the financially excluded it will initially only be available on smartphones.<\/p>\n
In a statement, Facebook said from launch \u201calmost anyone with a smartphone\u201d would be able to transfer the currency with the same ease as sending a text message. The service will be provided at \u201clow or no cost\u201d.<\/p>\n
While initially only a transfer tool, the company plans to extend functionality to paying bills, making purchases at physical retailers and small business use cases.<\/p>\n
As part of its announcement Facebook emphasised \u201cstrong protections\u201d and anti-fraud measures it plans to put into place to protect users and safeguard privacy.<\/p>\n
Calibra relies on the transfer of cryptocurrency Libra rather than traditional currency. Libra was devised by Facebook, but will be run by a network of partners operating under moniker The Libra Association. Members include Vodafone, Iliad, Uber, eBay, Mastercard and Visa.<\/p>\n","protected":false},"excerpt":{"rendered":"
Facebook unveiled details of its latest financial services play, a mobile wallet system designed to …<\/p>\n
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