Meta's WhatsApp Launches Pilot Programme To Allow Crypto Payments

Meta, formerly Facebook, is allowing some users of its cryptocurrency wallet Novi in the US to send and receive money using its messaging platform WhatsApp. The feature is currently available to only a limited number of consumers and is likely to be expanded soon in the future. Novi head Stephane Kasriel has said the pilot programme 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.

Kasriel promised in a series of tweets late Wednesday that using WhatsApp to send and receive money would be “as easy as sending a message”. “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 said.

The Novi chief 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.

Novi is reportedly working with crypto exchange Coinbase to provide custody services to ensure the safe storage of its customers' funds. Meta Platforms has been working on this feature for several months.