New crypto payment tool: WhatsApp is testing it. WhatsApp, the popular messaging service, announced this week that it is testing a new feature. That will allow users in the United States to send money without paying fees. By utilizing cryptocurrencies. The launch of the new payment service is yet another demonstration. Of how digital currencies are becoming more widely recognized. In the mainstream financial sector in the United States.
Powered by Novi, a recently established digital wallet owned by What’sApp parent firm Meta (formerly Facebook). That allows consumers to transmit money abroad, the crypto capability. Will be available in the coming months. Earlier this month, the business began testing Novi among a restricted group of consumers. In Guatemala and the United States. According to a joint tweet sent out on Wednesday by WhatsApp CEO Will Cathcart. And Novi CEO Stephane Kasriel, Novi will be made available. To a limited number of WhatsApp users in the United States on a test basis.
In a tweet, Cathcart said that people use WhatsApp to arrange sending money to loved ones. “Now Novi will allow them do so safely, instantly, and without costs,” Cathcart said.
The U.S. Pax Dollar (USDP), a regulated cryptocurrency issued by blockchain corporation. Paxos Trust of New York, will be used to pay money to anyone who uses. Novi during the trial period. According to the Novi website, the USDP is intended. To be linked to the value of the dollar in order to avoid the kind of price volatility. That has been associated with Bitcoin and other cryptocurrencies in the past. One Pax Dollar is the same as one United States dollar. Users can deposit money into their Novi account using the free app and ew crypto payment tool.
WhatsApp-Novi users can enable the feature
Users who have access to WhatsApp-Novi can enable the payment feature. By hitting the paper clip icon, followed by the Payment option. According to Novi, there are no fees associated with sending or receiving money. And there is no limit to the number of times payments can be made.
It’s unknown what Meta’s long-term plans for Novi are, but if the service survives. It will join a crowded field of money-transfer apps, which already includes Zelle, Venmo, and Cash app.
With the Novi pilot test, Kasriel explained that the company has been able to. “Understand which features and functionality are most essential to people. And we can focus our efforts on making those features and functionality even better.” When asked about a schedule for when the service would made available. To all users or expanded to other nations, Kasriel and Cathcart did not respond.
Meta’s use of cryptocurrency can traced back to two years ago. When Facebook launched its own digital currency, dubbed Libra, to facilitate payments. The Libra project faced considerable examination from the federal authorities. And was ultimately reduced back to a skeleton of what it also had originally intended to be. Later rebranded as Diem, it was the proposed money. For the debut of Novi until regulatory difficulties forced Meta to choose. To the more stable Pax currency instead and new crypto payment tool.
The launch of Novi comes at a time when Pax Dollars and other digital currencies. Are beginning to get the attention of more investors in the United States. Bitcoin achieved a new all-time high of nearly $50,000 in February. Thanks in part to an increase in the number of businesses. Who accept it as a method of payment.
Ether and dogecoin, among other cryptocurrencies, have seen their prices soar. To all-time highs this year, with celebrities. Such as Snoop Dogg, Paris Hilton, Kanye West, and others lending their support. To digital currencies of their choosing. Despite this, according to a recent poll, money managers believe that extremely volatile cryptocurrency. Which is not also a smart investment for the majority of individual investors.