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Novi Launches Pilot Integration to Let WhatsApp Users Send Money With No Fees

source-logo  coincodex.com 09 December 2021 14:00, UTC

Key highlights:

  • Novi will be launching an integration with WhatsApp
  • Novi is a digital wallet created by Meta (formerly known as Facebook)
  • Through Novi, WhatsApp users will be able to send the USDP stablecoin to each other with no added fees

Novi will be piloting an integration with WhatsApp in the US

Novi, the digital wallet developed by Meta (formerly known as Facebook), will be testing an integration with WhatsApp. During the pilot, WhatsApp users will be able to send payments to each other instantly and with no added fees through Novi. When users receive a payment, it will be displayed directly in their WhatsApp chat with the sender.

Novi lead Stephane Kasriel said that the trial will be available to a “limited number of people” in the United States. According to Kasriel, the reason for this decision is that the Novi pilot is still in its very early stages, and the project is collecting feedback from users to learn which features they have to prioritize. Kasriel also said that WhatsApp users transacting through Novi will still retain the end-to-end encryption of their personal messages and calls. 

Screenshots of Novi’s integration with WhatsApp shared by Kasriel show payments made using the Pax Dollar (USDP) stablecoin, which is the asset supported by Novi’s pilot involving users from the United States and Guatemala. 

There's a new way to try the @Novi digital wallet. 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. ?? pic.twitter.com/dGz3lejri7

— Stephane Kasriel (@skasriel) December 8, 2021

Money deposited to Novi is converted to the USDP stablecoin. Users can withdraw their funds to a bank account when they want to move their money out of Novi. USDP tokens in the Novi wallet are custodied by Coinbase. 

Stephane Kasriel is taking the helm at Novi after the project’s former lead David Marcus announced his departure in late November to focus on entrepreneurship. Formally, Marcus will remain with the project until the end of the year. 

Novi was initially created to develop a wallet for Libra (now rebranded to Diem), an ambitious stablecoin project that was kickstarted by Facebook alongside a host of high-profile partners. However, the project has been met with heavy resistance from regulators and lawmakers in several countries, which has significantly slowed down its progress. In October, David Marcus said that Novi still plans to utilize Diem when it receives the necessary regulatory approvals.

coincodex.com