WhatsApp has introduced a new trial program that enables a “limited number” of individuals in the United States to send and receive money via cryptocurrency within a chat.
Novi, a meta cryptocurrency wallet, will enable users to transfer and receive money using Facebook’s messaging service, WhatsApp.
Novi, Meta’s digital wallet, which launched as a prototype six weeks ago, powers the feature, which accepts payments in Pax Dollars (USDP), a stablecoin pegged to the US dollar issued by Paxos.
The announcement was made by Novi’s new CEO Stephane Kasriel and WhatsApp’s Will Cathcart.
Novi CEO Stephane Kasriel said the trial program is offered to a restricted number of people in the United States.
Using Novi has no effect on the privacy of personal WhatsApp messages and calls, Kasriel explained.
Meta Platforms, formerly Facebook, has been developing the wallet app for several months while reducing its global intentions to launch a digital currency dubbed Diem due to legal concerns.
Sending a payment, according to Novi’s website, works similarly to sending any other attachment in WhatsApp.
The feature is accessed by tapping the paper clip icon on Android or the Plus icon on iOS and then selecting “Payment” from the resulting menu.
According to Novi’s website, there are no fees associated with sending or receiving money, no limits on the frequency with which payments can be sent, and no expenses associated with maintaining a balance in your Novi account or withdrawing it to your bank account. Payments are processed instantly.
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