Novi is a cryptocurrency wallet by Meta Platforms Inc. Novi wallet would allow users to transfer and receive money using Meta’s WhatsApp, the social media giant’s messaging service.
The CEO of Novi, Stephane Kasriel stated that the pilot program is only offered to a few people in the US.
Also according to him, using Novi wallet does not affect the privacy of Meta’s WhatsApp personal messages and calls.
“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.
Kasriel said Novi allows users to send money to loved ones securely, instantly, and for free in a series of tweets. He further stated that utilizing Novi will not affect the end-to-end encryption of WhatsApp personal messages and calls.
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.
Meta’s Whatsapp and the method of money transfer in Novi Wallet
When customers deposit money into their Novi account, it transforms to USDP (Pax Dollar). It is a stable digital currency which the Paxos Trust Company has issued, according to information on Novi’s official website.
The USDP came into existence with the goal of maintaining a constant value against the US dollar. “1 USDP is equal to 1 US dollar on Novi,” the website states.
Users can also maintain a balance in their Novi account. They can transfer it to a bank account in a secure manner.
Paxos Trust Company is a regulated financial institution.
Meta Platforms has been working on the wallet software for several months, according to sources. It has cut back its global aspirations to roll out a digital currency dubbed Diem due to regulatory worries.