WhatsApp, Meta’s messaging software, has entered the crypto space with a new test program launched in the United States. According to Novi’s Chief Stephane Kasriel and WhatsApp’s Will Cathcart, the app is testing a crypto payment feature supported by the company’s wallet Novi and the stablecoin Pax Dollars (USDP).
According to Kasriel’s personal Twitter account, the crypto pilot payment scheme has been activated for a restricted number of persons in the United States. The screenshot below shows that the capability allows users to transfer and receive money with Novi right from the app.
The tool will be available through a user’s conversation, where they will choose the amount to be sent. They will, after that, see the receiver’s name and the amount to be received, as seen in the image, Novi will function on a fee-free basis and let individuals link their debit cards.
This will make transmitting cash using cryptocurrency with WhatsApp simple as “sending a message,” at least in the United States. The following is Novi’s Head’s reaction to the announcement:
Since we introduced the Novi pilot just six weeks ago, we’ve been able to test and learn which features and functionality are most important to people, and focus our efforts on making those even better.
As Kasriel said, the Novi team has been working to make this procedure secure and instant without paying more for the service. In that regard, they will continue to trial the function in the United States at this early stage but will strive to expand it after they have received user feedback. Kasriel stated:
Using Novi doesn’t change the privacy of WhatsApp personal messages and calls, which are always end-to-end encrypted.
Payment Targets for Crypto Powers Meta
Users will be able to transfer and receive payments as “frequently as you wish in a few simple steps,” according to an official Novi post. Users must create or log into their Novi accounts in order to utilize the functionality. Novi’s “24/7 account monitoring” will be aided in detecting “strange behavior” as a result of this.
The firm says that the financial information of its customers would be encrypted. This comprises the documentation, ID, and photo that each user must upload in order to access the digital wallet. Cathcart, the head of WhatsApp, stated the following on their crypto integration with Novi:
(…) use your Novi digital wallet to send and receive money right within a WhatsApp chat. People use WA to coordinate sending money to loved ones, and now Novi will help them do that securely, instantly and with no fees.
The overall crypto market cap was $2.3 trillion, down 3% from the previous day as of press time.
