The payment tool is currently available to Facebook itself and to 27 corporate partners of the project. Among them are Visa, Mastercard, Uber, Spotify, and other well-known companies. Facebook users will be able to pay Libra from 2020.
Facebook has officially announced the launch of testing its own global Libra currency. This was published on Tuesday, June 18, by the Financial Times newspaper. Also, the information in his account was confirmed by co-founder and CEO of Facebook Mark Zuckerberg.
Facebook partners have 27 companies and organizations, including leading American payment systems Visa and Mastercard, as well as several well-known technology companies such as Vodafone, Uber, Lyft, and Spotify. All partners entered the non-profit association Libra. Its full composition – in the picture.
The start-up fee for joining the club is $ 10 million. Companies will integrate Libra into their own services, conduct pilot transactions, and make sure the new product is comfortable. By the time Libra is launched for a broad audience – it is scheduled for 2020 – Facebook expects to bring partners at least 100.
Among the big companies that have not yet joined the project, is the “big four” of technology leaders in the industry, Apple, Google, Amazon, and Microsoft. There are also no banks in the association – lenders are afraid of problems with regulation and product logistics, shared with FT several sources on Wall Street.
“Coins” for WhatsApp
Libra has every chance to become the world’s largest project based on blockbuster technology, says FT. According to developers’ plans, the vast audience of Mark Zuckerberg’s social network – 1.7 billion users – will be able to access the bank without a bank account, that is outside the control of financial regulators, Make instant and practically free money transfers from their smartphones.
According to Zuckerberg, such people – non-client banks with mobile phones – on the planet no less than 1 billion.
For them, a new safe, convenient, and secure payment is especially crucial for them said the CEO of Facebook.
“The Internet has given everyone access to information, simplified our communications, but the money has stopped at the previous stage of human development,” commented on the launch of Libra by project leader David Marcus, who moved to Facebook in 2014 as PayPal president (PayPal payment system is also a member of the association Libra).
Cryptocurrency from Facebook will be provided with real currency reserves and assets deployed around the world. Initially, Libra will not have a fixed exchange rate against the dollar, the euro, and other traditional currencies, and in the future, developers intend to avoid sudden sharp fluctuations in the price, which periodically suffers even the most famous on the planet crypto-currency bitcoin.
For operational control of the project, Facebook will create a new independent division of Calibra. In its framework, the social network will have a new application of the same name with a digital wallet, and also payments can be made in WhatsApp and Messenger. The company emphasizes that it will not use the Calibra audience data for promotional purposes and share it with third parties “without the consent of users.” At the same time, each account will be assigned an identification number agreed with the authorities, and a suspicious transaction will follow special software. Victim of Facebook fraud guarantees the recovery of lost digital “coins.”
Development on the Way WeChat
The arrival of Facebook in the blockade industry will contribute to the popularization of the segment and will accelerate the introduction of technology to the masses, says Alexander Filatov, Managing Partner of TON Labs, a participant in the development of the Cram Cryptography Gram for the service ecosystem of Pavlo Durov Telegram. According to the expert, “from the available materials at the moment, it is evident that Libra is a private blockade for a regulated payment ecosystem.”
The payment system will become an essential element of all messengers in the future, a businessman and investor, Eugene Lashkov, sure. “If Facebook does not have this, they will lose a lot. A striking example is China. There [messenger] WeChat has already replaced cash and cashless settlements. They in fact monopolized this area “, – remembers the interlocutor Forbes. At the same time, in his opinion, “the logic of the blockade” contradicts the fact that all transactions with Libra will be private.
Libra is a “blasting project” due to the significant number of loyal users around the world and high potential for business, says Chief Partner Dmitry Ozersky. “Support for major players can radically change the attitude towards cybercriminals and Facebook itself, taking into account all the latest scandals related to data security,” the expert concludes.