News

Facebook could move into credit – Calibra wallet chief

Facebook’s digital currency and wallet could be just the beginning of a new assault on financial services by the tech giant, a senior exec says.

Earlier this month Facebook confirmed its long-anticipated move into blockchain-based financial services, leading a consortium of heavy hitters prepping a global digital currency called Libra and unveiling a wallet – Calibra – that lets users store and exchange the new money.

In an interview with business and technology analyst Ben Thompson, quoted by CNBC, the VP of product for Calibra, Kevin Weil, says that if the wallet is a success, Facebook could move into other areas.

“If we are successful at providing a wallet that allows people to store money securely and send to anyone anywhere in the world, then over time we think there will be an opportunity to provide more financial services for people — you can imagine things like credit,” says Weil.

Weil also says that Libra and Calibra will boost Facebook’s ecommerce position, making it easier for people to shop through Marketplace and Instagram Checkout. Meanwhile, advertising revenue could rise by enabling cash-dependent firms to sell to nearby customers more easily.