Cryptocurrency payment starts on WhatsApp. Meta allows some users to send, receive money through Novi wallet
Novi, the cryptocurrency wallet of Meta Platforms (formerly Facebook), has started allowing some users in the US to send and receive money through its messaging app WhatsApp.
Novi, the cryptocurrency wallet of Meta Platforms (formerly Facebook), has started allowing some users in the US to send and receive money through its messaging app WhatsApp. The new feature on Novi wallet is a pilot program currently open to a limited number of people.
“There’s a new way to try the @Novi digital wallet. Starting today, a limited number of people in the US will be able to send and receive money using Novi on @WhatsApp, making sending money to family and friends as easy as sending a message,” Novi head Stephane Kasriel tweeted.
In a series of tweets, Kasriel said Novi enables users to send money to loved ones securely, instantly, and for free. He also said that using Novi will not change the privacy of WhatsApp personal messages and calls, which are end-to-end encrypted.
“Since we introduced the Novi pilot just six weeks ago, we’ve been able to test and learn which features and functionality are most important to people and focus our efforts on making those even better. We often hear that people use WhatsApp to coordinate sending money to loved ones, and Novi enables people to do that securely, instantly, and with no fees. Payments will appear directly in people’s chat,” Kasriel tweeted.
“We’re still very early in the Novi pilot journey, so we made the decision to test this new entry point in one country to start and will look to extend it once we’ve heard from people what they think of this new experience. Using Novi doesn’t change the privacy of WhatsApp personal messages and calls, which are always end-to-end encrypted,” he added.
How Novi moves money
According to the details available on Novi’s official website, when users add money to their Novi account, it gets converted to USDP (Pax Dollar), which is a stable digital currency issued by Paxos Trust Company.
USDP has been designed to have a stable value relative to the US dollar. “So on Novi, 1 USDP is equal to 1 US dollar,” the website says.
Users can securely keep a balance in their Novi account or transfer it to their bank account.
Paxos Trust Company is a regulated financial institution.
As per reports, Meta Platforms has been working on the wallet app for several months. Due to regulatory concerns, it has scaled back its global plans to roll out a digital currency called Diem.
(Cryptocurrencies are not regulated in India. Investing your money in crypto assets could be risky. Please consult a financial advisor before investing any money in cryptocurrencies).
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