‘Technological innovation’ – these two words are so imbibed in our day-to-day life that we have almost forgotten how we used to live without mobile phones or internet or even online banking. We take it as a joke that the banking services were limited to a brick and mortar building which we called ‘bank’ within a time-period of 9 a.m. to 4 p.m. There settlements would take multiple days to clear, the day-to-day transactions were cut-off mid-afternoon and there used to be batch processing.
For the last one and half year, it was brewing that Facebook is soon going to roll out its own cryptocurrency. The project codenamed as ‘Libra’ could begin a new era of commerce and payments for the social media giant. When launched, Facebook coin is going to allow the users to send money to friends and relatives from its messaging platform, Whatsapp.