WhatsApp has launched a new pilot program to allow US customers to send crypto payments within messaging groups. Crypto payments on WhatsApp will be supported by Novi, Meta’s (formerly Facebook) digital wallet with payments made in Pax Dollars – a stablecoin linked to the price of the US dollar. The news was announced by Novi’s Stephane Kasriel.
The feature is currently available to only a limited number of consumers and is likely to be expanded soon in the future.
According to Novi’s website, sending a payment works much like sending any other attachment in WhatsApp. You access the feature via the paper clip icon on Android or the + icon on iOS, and then select “Payment” from the menu that appears.
Novi’s site notes there are no fees for sending or receiving money, no limits on how often payments can be sent, and no fees to keep a balance in your Novi account or to withdraw it to your bank account. Payments are transferred instantly.
Novi head Stephane Kasriel has said the pilot program will allow the company to test and learn which features and functions are most important to people. It will also allow them to focus efforts on further improving those features.
Using WhatsApp to send and receive money would be “as easy as sending a message,” Kasriel said in a series of tweets late Wednesday. “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,” he added.
Kasriel also said that they have a long way to go in the Novi pilot journey. This pilot project has been started in one country and the company will decide on extending it after receiving feedback from current users.
Novi describes itself as a digital wallet that helps users send and receive money instantly and securely, move money across borders for everyday needs, monthly expenses, and special occasions without any fees. When a user adds money to their Novi account, the app converts it to USDP (Pax Dollar). The mathematics is clear on the app – 1 USDP is equal to 1 US dollar. Pax Dollar is a stable cryptocurrency created in 2018 whose value is pegged to the US dollar. It is issued by Paxos Trust Company, a regulated financial institution.
A global media for the latest news, entertainment, music fashion, and more.
