Novi, the digital wallet associated with Meta (Facebook), is enabling WhatsApp Payments as the billion-dollar organization once again tinkers its products to open more opportunities for billions of users.
According to Novi, the organization has its eyes trained on 1.7 billion people globally who have no access to bank accounts with the idea that mobile phones are a good opportunity to provide financial access to these people.
Novi, as a feature or service, is looking to take advantage of the billions of Facebook product installs across the world as it looks to disrupt a fintech sector that is particularly thriving in Africa.
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Features of Novi include:
- Instant money transfer
- Secure and feeless transfers
- Interoperability with other digital wallets
In the pilot, Novi says it is enabling people to send and receive money using USDP (Pax Dollar) stablecoin through a partnership with Paxos and Coinbase.
While Novi has ambitions spanning across the world, only a limited number of people in the US will be able to use Novi to send and receive money right within their WhatsApp chat.
Meta also intends to move Novi digital wallet to their Diem blockchain network which they say is purpose built to facilitate payments and be interoperability.
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