WhatsApp Novi Money Transfers Now Available in the US

Meta Expands Novi Cryptocurrency Wallet Access to WhatsApp

In October, Meta, formerly known as Facebook, initiated a limited pilot program for its cryptocurrency wallet, Novi, in both the United States and Guatemala. Participants in this initial phase have been capable of transferring funds to one another through the platform since its inception.

The company has now revealed that a select group of users within the US will gain the ability to send and receive Novi payments directly within WhatsApp.

Integration with WhatsApp Offers Seamless Transactions

This expansion was anticipated, as David Marcus, a co-founder of Novi, had previously indicated Meta’s intention to integrate Novi payments across all its platforms, including Facebook, Instagram, and WhatsApp.

Utilizing WhatsApp for money transfers is designed to be exceptionally straightforward – comparable in ease to sending a standard message. Users will not be required to navigate away from the application to complete transactions.

Furthermore, this method provides a fee-free way to transmit funds. To initiate a payment, users locate their recipient within WhatsApp, select the attachment icon (paper clip on Android, + on iOS), choose 'Payment', and then follow the prompts to access their Novi account.

From Diem to Pax Dollar: A Shift in Strategy

For years, Facebook had been developing its digital wallet and the Diem cryptocurrency (originally Libra) intended to power it. However, following regulatory challenges globally, the Diem Association altered its strategy.

Consequently, Novi now utilizes the Pax Dollar (USDP), a stablecoin pegged to the US dollar. The value of 1 USDP on Novi is consistently equivalent to 1 USD.

Users are not engaging in cryptocurrency purchases when using Novi; rather, the service facilitates money transfers employing a stablecoin as the transactional instrument.

Limited Rollout and Future Expansion

Currently, the availability of USDP transfers via Novi within WhatsApp is highly restricted. According to Kasriel, the service intends to broaden its accessibility following the collection of user feedback regarding their experience.

Important Note: This report was originally published by Engadget.