Meta Tests Stablecoin Transfers through WhatsApp

Meta Tests Stablecoin Transfers through WhatsApp

The social media giant Meta (formerly Facebook) has created the Novi digital wallet, which will allow users to send and receive stablecoin via its popular messaging app, WhatsApp.

The CEO of Novi, Stephane Kasriel, announced the news today in a tweet, saying that the business is working on “a new way to try” the wallet with the newest trial.

“Starting today, a limited number of people in the US will be able to send and receive money using Novi on WhatsApp, making sending money to family and friends as easy as sending a message,” Kasriel wrote.

The transactions will be completed instantaneously, according to the website, and there will be no costs. There are no restrictions on “how often you can donate money.”

According to the website, money contributed to a Novi account gets transformed to the pax dollar (USDP) stablecoin.
Novi on WhatsApp is presently accessible in English and Spanish in the United States, according to the company. “We’re still early in the Novi pilot journey,” Kasriel explained, “so we decided to test this new entrance point in one nation, to begin with, and will aim to expand it once we hear what consumers think of this new experience.”

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“We’ve been able to test and learn which features and capabilities are most essential to people since we debuted the Novi pilot just six weeks ago,” Kasriel said, adding that what they discovered is that people use WhatsApp to organise transferring money to others, which is where Novi comes in.

“Payments will appear directly in people’s chat,” he said.

Finally, the Novi Head stated that the wallet has no effect on the privacy of personal WhatsApp messages and calls.

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