We are currently living in a digital world where technology, media, and social
interaction take centre stage and information is ever changing and being improved. It’s pretty easy to blink and feel like you are being left behind but that is about to change. Well, I’m here to keep you updated so that you don’t miss a beat!
But before that, let me introduce myself: they call me Cici. I’m passionate about digital marketing and I love sharing my insights on certain trends and topics. I’m going to dive right in with an update about the most used social media platform in the world- Facebook and how they are hoping to change the cryptocurrency game.
Facebook’s new digital wallet Mark Zuckerberg earlier announced Facebook is launching a financial subsidiary in 2020 called Calibra, a digital wallet that will be available in WhatsApp and Messenger which allows users to make a financial transaction (send, spend and save) using Libra- a new currency powered by blockchain technology. Zuckerberg mentioned that there are around a billion people around the world that don’t have bank accounts but do, however, use mobile money. So, what are the important things you need to know about this digital wallet?
More than 20 global organizations form The Libra Association
Mastercard, PayPal, Spotify, eBay, and Mercy Corps are just some of the organizations that have patterned up with Facebook and 100 more are expected to join within the year. These companies will have their built-in services within Calibra that will allow their users to effortlessly make transactions.
Calibra is decentralized
Since many different global companies will run Calibra, there will be no monopoly of the product (so they claim) and hence, makes it fair for all who are involved. Each founding member company, including Facebook, will have a single vote on governance issues.
Data privacy and safety
A major concern that we need to consider is data protection. I mean, the memory of the scandalous Cambridge Analytica incident that hit Facebook last year is still very fresh in people’s minds. So, it comes as no surprise that the organization elaborated on their efforts regarding security concerns with the use of the digital wallet. Calibra will rely on the same verification and anti-fraud processes as banks and credit cards. Automated systems will proactively monitor activity and prevent fraudulent behavior of people’s accounts. Lastly, user data will not be used for ad targeting on Facebook’s platforms.
All in all, enforcing and regulating of Calibra will be an undertaking that the entire world will keenly keep their eyes on. If successful, it could change the game of mobile money and online marketing as we know it! What implications do you think this would have for marketers?
But wait, there’s more.
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