Every person who uses Calibra will have to go through a "know your customer" process, which verifies user identities to prevent financial crimes.
That means anyone who signs up must share a government ID and other personal information.
Calibra will provide support to customers who lose phones or their passwords, and refund customers whose Libras are stolen by fraudsters, Facebook said.
Calibra will only share user data with parent company Facebook and third parties when it has customer consent, or in other "limited cases," such as when law enforcement requests information, according to a statement.
Facebook pledged not to use Calibra data to improve ad targeting.
Businesses will see the same information about customers who pay with Libra as they do about customers who pay with credit cards, Weil told Reuters.
