On June 18, Facebook Founder Mark Zuckerberg announced his cryptocurrency products called “Libra”.
According to Mark, Libra’s mission is to create a simple global financial infrastructure that empowers billions of people around the world.
Why should you care as Online Seller/ Online marketer on Facebook?
What is Libra?
Libra is the name of the coin and it’s powered by blockchain technology, much like Bitcoin. Libra is to create a simple global financial infrastructure that empowers billions of people around the world.
Why Libra?
- Blockchain technology – decentralized, secured
- Cashless – use mobile money, now there are around a billion people who don’t have a bank account but have a mobile phone.
- Easy for everyone to send and receive money – like use apps to instantly share messages and photos.
- Will integrate with Whatsapp and Messenger next year
- Available to anyone with an internet connection and has low fees and costs
- 27 organizations will build their own services using Libra like Mastercard, Visa, Paypal, Spotify, Uber, etc.
How to apply and use Libra to pay?
As Libra is a cryptocurrency, you’ll able to exchange your currency for Libra online or at local places like retails shop. Payment will be make in the Calibra wallet app (an app for Libra to pay and receive – https://calibra.com/)
Calibra is secured and let you send Libra to almost anyone with a smartphone at low to no cost. In future, Calibra will let you pay bills with the push of a button, buying coffee with the scan of a code, or riding local public transport without needing to carry cash or metro pass.
As I mentioned, Mastercard, Visa, Paypal and more are founding members of Libra coin, so they are control the majority of digital transactions and wallet apps right now, so I’m felt confidence that we’ll see Libra available to exchange next year 2020.
How does this affect online marketing/ online marketer?
The reason that we need to care is because Libra currency will be available within Facebook messenger and Whatsapp next year, facebook will start implement the libra pay on messenger.
This is possible for business to user payments within messengers,
Especially for
• Billions of people in the world don’t have a bank account that will now able to pay and receive money online without a bank account.
• That business is for worldwide or very difficult to collect payments with.
Conclusion
For me, the Calibra app is exactly same with our Malaysia ewallet app Boost, Grab pay, Fave pay, Alipay, WeChat pay, etc. In Malaysia, we already step closer to cashless world, and in Asia, China have made their country became a cashless community, they just have to use alipay and wechat pay to receive and pay.
For me there is no surprise if facebook want to create a ewallet app, the main surprise is Facebook are going to have their own cryptocurrency Libra, and there are 27 organizations together to build Libra and Digital bank (passby local bank).
Libra will first launch in facebook messenger and whatsapp, and I believe the next will be instagram and facebook marketplace. Are very benefits to those who doing online business in facebook, whatsapp or instagram, hope this can launch next year?
Resource:
The official launch for Libra is next year, but you can sign up for early access (and see more deets here): https://libra.org
To read Libra’s official White Paper on how it will work, go here: https://libra.org/en-US/white-paper/
The best deep-dive article: https://techcrunch.com/2019/06/18/facebook-libra/
