Why Meta's (FB) Novi Wallet trial could be a gamechanger

Be the First to Comment Read

Why Meta's (FB) Novi Wallet trial could be a gamechanger

 Why Meta's (FB) Novi Wallet trial could be a gamechanger
Image source: WHYFRAME, Shutterstock

Highlights

  • Meta announced that Novi Digital Wallet will begin its trial within its messaging platform WhatsApp.
  • In October, Meta had launched a pilot test of the wallet service in US and Guatemala.
  • Novi Wallet is a digital currency wallet that debuted in October with an aim to hold stablecoins such as Paxos Dollar (USDP). 

For some time now, Meta (formerly known as Facebook) has been looking to gain a foothold in the world of cryptocurrencies. So, when Facebook (NASDAQ: FB) announced its ambitious plan of introducing Novi Wallet earlier this year, many looked at it as another attempt to enter crypto space after its failed attempt with Diem. But ever since Facebook rebranded itself as Meta, the ball seems to be rolling for the company.

The latest development comes with the announcement of the Novi Digital Wallet trial within its messaging platform, WhatsApp. This is not the first time that the company has gone ahead with trial with Novi. In October, Meta had launched a pilot test of the wallet service in the US and Guatemala. Since the pilot test, the developers have been making personal payments through the service. 

The WhatsApp trial

Novi Wallet is a digital currency wallet that debuted in October with an aim to hold stablecoins such as Paxos Dollar (USDP). Users can use their smartphone devices to transfer money in a more efficient manner.

Also read: Mongoose coin surges by 110,000%: Is it another scam?

Last month, Novi co-founder David Marcus through a tweet had announced that Meta will be extending its Novi payments services to three major subsidiaries - Facebook, Instagram, and WhatsApp.

The users can transfer money seamlessly by sending a message without leaving the application without having to pay any transaction fee. Stephane Kasriel, Head of Novi, tweeted that this trial would be beneficial for the WhatsApp users with the payments appearing on their chat.

Kasriel added that ever since the pilot was introduced six weeks ago, they have been totally focussed to make the services a seamless process. Though it is in the early phase, Meta chose the US as their entry point, and they will be closely monitoring the payment feature system on WhatsApp.

The Novi Wallet boasts of built-in controls and account monitoring features, which would enable them to detect suspicious activity on their system. If the account does get compromised at any step, the Novi Wallet, according to the website, would provide a full refund to your account.

Also read: Coinbase users launch online campaign to get GYEN refund

Meta’s crypto ambitions

Meta, in fact, has been heading into the crypto space quite aggressively. Recently on 2 December, it had decided to unban crypto ads on its platform. With Facebook looking to explore the metaverse and non-fungible tokens space, the company in October had stated that it would pursue the area in a more aggressive manner.

Besides, it hasn’t given up on its stablecoin project Diem. Diem was formerly known as Libra is still under the radar of regulators who haven’t given it a clean chit for the launch. For now, Meta would be hoping that after stints of setbacks, the recent Novi Wallet trial would be a success.

Disclaimer

Speak your Mind

Featured Articles