Calibra is a new subsidiary of Facebook that is solely designed to focus on financial services. The encrypted payments service, Facebook said, will soon be accessible to anyone with an entry-level smartphone which has data connectivity and will be available across the world.
The system's network is being built on technology from The Libra Association, a not-for-profit organization based in Switzerland. Members of the network include Mastercard, PayPal, Uber, Spotify and Visa. The group is structured to work independently from Facebook.
Those wanting to use the Calibra platform will be able to top up their account with U.S. dollars via some of the payment providers working as part of the Libra Association, then transfer money using the encrypted Libra network to contacts using Facebook's popular suite of chat apps.