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A limited number of people in the US will be able to send and receive money from within a chat using cryptocurrencies. The feature is powered by Meta's digital wallet that launched as a pilot six weeks ago, with payments made using Pax Dollars, a stablecoin pegged to the US dollar issued by Paxos. Stephane Kasriel and Will Cathcart announced the news.
Sending a payment is similar to sending any other attachment in the app, according to the website. You can access the feature via the paper clip icon on the phone's home screen, but you have to go to the menu to make a payment. There are no fees for sending or receiving money, no limits on how often payments can be made, and no fees to keep a balance in your bank account. Payments are transferred quickly.
There is a new way to try the wallet. Sending money to family and friends is now as easy as sending a message on the popular messaging service, as a limited number of people in the US will be able to do today.
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Stephane Kasriel is on December 8, 2021.
The US and Guatemala were the first places where the pilot was available, but users in the country won't be able to use the new payments feature. They will have to continue using the app. End-to-end encryption is in place for all personal conversations and payments do not affect it. The pilot is available in English and Spanish.
The new pilot has its roots in Facebook's plans to launch a new type of digital currency. Facebook was planning to launch a new criptocurrency called "libra" which would be pegged to a basket of low-volatility assets. This would work with a digital wallet called Calibra. The whole system was designed to allow for lower fees when sending money around the world.
The plans have changed a lot since then. The Diem Association, the Diem Association, and the Calibra have all become part of the same entity. The launch of Novi was without the Diem coin. Pax Dollars are the work of a separate company called Paxos, and Meta is relying on the custody partner of Coinbase.
When David Marcus announced the launch of the Novi pilot in October, he said that the company was still committed to Diem. Marcus said that they intend to launch Novi with Diem. David Marcus said he was leaving the company at the end of the year. He said the pilot of Novi was the best farewell gift he had ever received.
While the US payment plans are focused on nite and cryptocurrencies, elsewhere in the world it is already offering payments using traditional fiat currencies. The feature was rolled out in India and Brazil last year.
