Monday, January 17

Meta achieves its goal: send money via WhatsApp with a stablecoin


Meta, the parent company of Facebook, already lets you send money by WhatsApp through the stablecoin Pax Dollar (USDP), by implementing its wallet in the messaging application. The company Indian that sending transactions and payments with your wallet, called Novi, through WhatsApp, will be as easy as sending a text message. Through Novi, WhatsApp users will be able to make instant money transfers and payments without having to leave the chat. At the moment, the The service has been enabled on a pilot basis only for a number of people in the United States, but their plan is for the wallet to have a global character and to gradually add more cryptocurrencies.

Facebook announces that it has ready the digital wallet of internet money

New in WhatsApp

Meta indicates that it wants to simplify the way its billions of users can access and move their money. Through Novi, the company offers a simple method to send and receive transfers of value, without commissions and with just a few simple clips. From WhatsApp, users will be able to carry out their operations without having to leave the messaging application.

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This is the second pilot implemented by the company to test Novi’s features and options. The digital wallet was implemented for the first time at the end of October, for sending remittances between citizens of the United States and Guatemala. Facebook then announced an alliance with Paxos and Coinbase to launch its wallet in the United States and Guatemala. Therefore, payments through this digital wallet are made with the stablecoin Pax Dollar (USDP). The money that users deposit in Novi is transformed into said stablecoin.

Data security and protection

Regarding security and privacy, Novi ensures that transfers and payments will be completely reliable. Meta points out that transactions will be monitored 24/7 to detect any type of suspicious activity. On the other hand, it indicated that it would encrypt the financial information of users, to guarantee its security and confidentiality. Novi will ask for personal data from users, as well as photos, documents and banking information. The company indicates that the implementation of Novi within the popular messaging app will not affect the privacy of the messages, which have end-to-end encryption.

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Ensuring the security and privacy of its users and their financial data is of vital importance to Meta, given its background. Facebook’s history with the security and management of the data of its almost 3 billion users has led its president to give explanations in the United States Congress. However, Meta has complied with the demands of regulators to get the exit of its Novi wallet. Through this, the company ensures that it will provide new opportunities to millions of people excluded from the banking system.

David Marcus

David Marcus, the person who was behind Facebook’s cryptocurrency project from the beginning, has announced his departure from the company to pursue other endeavors. Marcus will leave Facebook at the end of the year. Now, who directs the course of Novi is Stephane Kasriel. In his Twitter account, Kasriel reported the launch of Novi on WhatsApp and stressed that they would take advantage of this pilot to hear what users think of this new experience, to begin to spread in the country and in other parts of the world.

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