TL;DR Breakdown
- Meta Platforms Inc’s crypto wallet, Novi, has established a service where users can make transactions through WhatsApp.
- The pilot program will only be accessible to a restricted figure.
Meta Platforms Inc’s cryptocurrency wallet, Novi, will collaborate with WhatsApp to bring a modern product. Some users of the leading message app will be allowed to carry out transactions. This service will be limited to some people in the U.S.
Novi, Meta’s digital wallet, sponsors the new product. Stephane Kasriel, Novi’s head, said that the transactions would be secure. He said the wallet would not alter how WhatsApp operates. The chats will remain under high privacy. Kasriel added that Meta had undergone several trials to establish a product that people desire.
According to Novi, transactions will be processed very swiftly. It will be almost the same as sending an attachment on the messaging app. Users can access the new service via the paper clip icon on Android. Those using iOS will use the + icon and pick the desired selections from the menu.
Payments will be very fast and instant. Moreover, the transactions will not incur any changes. The feature will have unlimited payments. Furthermore, users will not incur charges to keep a balance in their accounts. Withdrawals will also be free of charge.
Initially identified as Facebook, Meta was officially established over a month ago. It partnered with several reputable companies. These firms include Coinbase and Paxos, a stablecoin firm.
Will Cathcart, head of WhatsApp at Meta, took to Twitter to confirm the news on the new product. He said only a chosen figure would transact money with the wallet on WhatsApp. Cathcart insisted that the users would use the new service securely. He added that the services would be instant with no hidden charges.
Trials on Novi wallet
The development has been in testing since October. Facebook (now Meta) established its crypto wallet Novi tests in the U.S. and Guatemala. Pilot testers have utilized the service for a while now. Initially, the service was accessible in the two countries. However, users in Guatemala are not included in the new WhatsApp payments service. They will be limited to Novi app alone. The new service will be available in two languages. These include English and Spanish, for starters.
Novi co-founder David Marcus previously said that Meta would make payments available in all its divisions. The new pilot goes back to 2019. That year Meta began plans to establish their digital currency.
Facebook rebrands
Facebook wanted to establish its crypto. They called it Libra and expected it to be backed by less-volatile assets. The crypto was expected to collaborate with a Facebook-developed digital wallet named Calibra. The system was designed to be a new global payment service based on blockchain technology that is cheaper than traditional methods.
The Libra project was mired in political and regulatory controversy. These issues made high-profile partners like Visa, Stripe, and PayPal leave. Libra has since rebranded to Diem. Calibra also changed to Novi. David Marcus, who leads Libra, said the original name was a little too close to the name of Libra.
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