Whatsapp is launching crypto payments
Meta, previously known as Facebook, will soon allow payments on Whatsapp via its crypto wallet called Novi. The pilot program will only be available to limited people in the United States.
What about privacy? David Marcus clarified that this new feature does not change the privacy of WhatsApp personal messages and calls.
Meta launched the Novi wallet 2 months ago. At that time, it was believed to have launched a wallet with its own coin Diem, but instead, it went with the Pax Dollar (USDP), which is a stable coin backed 100% by cash and cash equivalents. The wallet is currently available only in the United States and Guatemala.
While transacting through Novi, one does not have to pay fees to send or receive money internationally. There are no markups on exchange rates or withdrawal fees when you transfer from your Novi account to your bank account.
Novi is working with the leading crypto exchange, Coinbase, to provide custody services and ensure the safe storage of its customers’ funds. Meta Platforms has been working on this feature for several months.
“We often hear that people use WhatsApp to coordinate sending money to loved ones, and Novi enables people to do that securely, instantly and with no fees. Payments will appear directly in people’s chat.”