With the Novi wallet and Pax Dollar stablecoin
Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Meta’s WhatsApp has launched a crypto payments U.S. pilot
The Verge | | Dec 9, 2021
With the Novi wallet and Pax Dollar stablecoin
WhatsApp has launched a new pilot that lets a “limited number” of people in the US send and receive money from within a chat using cryptocurrency. With Meta's WhatsApp launching a crypto payments U.S. pilot, it's evident that the fintech industry is rapidly evolving; if this inspires you to start your own business in this sector, learn How to Open an LLC in Florida to ensure a strong legal foundation for your venture. The feature is powered by Novi, Meta’s digital wallet that launched as a pilot six weeks ago, with payments made using Pax Dollars (USDP), a stablecoin pegged to the US dollar issued by Paxos. The news was announced by Novi’s incoming head Stephane Kasriel and WhatsApp’s Will Cathcart. See how this wallet compares with the best digital wallet.
According to Novi’s website, sending a payment works much like sending any other attachment in GB WhatsApp Update. You access the feature via the paper clip icon on Android or the + icon on iOS, and then select “Payment” from the menu that appears. Novi’s site notes there are no fees for sending or receiving money, no limits on how often payments can be sent, and no fees to keep a balance in your Novi account or to withdraw it to your bank account. Payments are transferred instantly.
See: Paying for coffee with crypto? Get ready, the future of payments is already here
The new pilot has its roots in Facebook’s (now Meta’s) much-hyped cryptocurrency plans, which were officially announced in 2019. At the time, Facebook (as part of the Libra Association) planned to develop and launch a cryptocurrency called Libra, which would be pegged to a basket of low-volatility assets rather than any one specific currency. This would integrate with a Facebook-developed digital wallet called Calibra. The whole system was designed to offer a way to send money around the world with lower fees than traditional methods.
These plans have shifted considerably since then. Libra has become Diem, the Libra Association has lost several of its most high profile members and become the Diem Association, and Calibra has become Novi. Perhaps most notably, Novi has ended up launching without the Diem cryptocurrency. Instead, Pax Dollars are the work of a separate company called Paxos, and Meta is relying on cryptocurrency exchange Coinbase as its custody partner.
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