Meta pilots crypto payments program via its Novi wallet on WhatsApp to limited US-based users as we can see more today in our latest cryptocurrency news.
Meta Platforms, previously known as Facebook, and their endeavors in the digital asset space could have been entangled into controversy from the very start but that has not deterred the efforts to explore the ways for users to utilize the Novi cryptocurrency wallet. WhatsApp as the social media giant’s Messenger app launched the pilot crypto payments program in the US with the help of Novi. The move came a week after top executive David Marcus announced he will leave Novi at the end of the year. According to the update from Stephane Kasriel, the Novi head, only a limited number of users in the country will be allowed to send receive money via WhatsApp and USDP Pax dollars stablecoin. The pilot will be powered by Meta Platform’s Novi wallet which launched a pilot in October this year which is more than two years after the initial announcement. Kasriel noted:
“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.”
He acknowledged that Novi is at a very nascent stage so the team decided to move ahead with the pilot and test the latest entry point in one country which extends it after analyzing the user experience. The new feature will enable payments instantly and there will be no transaction fees levied. There are no limits on the number of payments transferred as well as payments appearing in the users’ chats.
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The executive asserted that using the digital wallet will not really affect the privacy of the chat app with regard to their messages and calls because they are end-to-end encrypted by default.
It’s no secret that Meta recieved some strong backlash from the US regulatory authorities. Libra was unveiled in 2019 and it came under fire almost instantly as a part of the Libra Association. The team behind the ambitious digital asset rollout had to water down the plans because of regulatory threats. It, therefore, lost initial backers like Mastercard and Visa. The complete makeover came later with Libra rebranding as Diem. Calibra wallet became Novi but despite the hurdles, Meta started testing teh wallet in Guatemala as well as the US by enabling transfers of Pax dollar a few months ago. However, the fate of Diem is still in limbo.
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