WhatsApp Launches Crypto Payments in the US

People can use it to send and receive money without leaving their Whatsapp chats. (Credit: Pexels)

A ‘limited number’ of people in the US will be able to send and receive money from within their WhatsApp chats.

New Feature Powered By Novi, New Meta Digital Wallet Launched six weeks ago. Payment will be made in Dollar Pax (USDP), a stablecoin pegged to the US dollar issued by financial services company Paxos. The token is also regulated by the Financial Services Department of the New York State Department.

Will Cathcart of Whatsapp and Stephane Kasriel of Novi took to Twitter to make the announcement this week.

‘Starting today, a limited number of people in the US will be able to send and receive money with Novi on @WhatsAppKasriel says sending money to family and friends is as easy as sending a text.

‘People use WA[Whatsapp] to coordinate sending money to loved ones and now Novi will help them do it securely, instantly and at no cost,’ Cathcart tweeted.

Everyone in the US will be able to send and receive money from within their WhatsApp chats. Credit: Twitter

In a variety of tweets Kasriel explains that since the launch of Novi, they’ve been able to ‘test and learn what features and functions are most important to people’ and focus their efforts on making those features and functions work. that ability is even better.

People will be able to access the feature via the paperclip icon on Android or the + icon on iOS, then select ‘Payments’ from the menu that appears.

Payments will be made instantly and there will be no limit on how often payments can be sent. Novi will not charge you for maintaining a balance in your account or transferring it to your bank account.

The new feature does not affect WhatsApp’s end-to-end encryption, which will continue to be left in place by default for all private chats.

Facebook, now known as Meta, has announced plans for a digital currency called Libra in 2019. Libra is said to be a low volatility asset that will integrate with a digital wallet created by the company. Facebook developed it called Calibra to allow people to send money around the world at lower fees than traditional methods.

Libra then became Diem and Calibra became Novi. However, Novi will use Pax Dollars while Diem awaits regulatory approval.

While WhatsApp is focusing on crypto payments in the US, it already offers payments in traditional fiat currencies in countries like India and Brazil. Novi has chosen this new entry point starting from the US and will look to expand it depending on how it plays out.

WhatsApp is the most popular messaging service in over 100 countries with over 2.5 billion active users and one of the few apps downloaded more than five billion times.

Based on Novice’s website, people can use it to send and receive money without leaving their Whatsapp chats, ‘instantly, securely and for free’.

“Exclusion from the global financial system has real consequences for people’s lives, and the underserved often pay the highest price,” said Novi.

‘The cost is high and the wait is long when people want to send money back to their families abroad. The current system is failing them, and there is no digital financial architecture to support the innovation we need,’ it added.

Meta has appreciated USDP against other cryptocurrencies like Ether and Bitcoin for its stability.

The USDP reserve is fully backed by US dollars and is held 100% in cash and cash equivalents, Novi said. This means people can easily withdraw money in their local currency as they choose.

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Huynh Nguyen

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