WhatsApp is now offering a way for people to send and receive money using cryptocurrency. The feature is being piloted with a small group of users in the US and Guatemala. It’s powered by Novi wallet, which was launched by Meta Platforms, the parent company of WhatsApp and Facebook.
Previously, the company’s digital wallet app, Calibra, was all about launching a stablecoin called Diem (formerly Libra). But after regulatory concerns forced the company to switch to Pax Dollar, Meta rebranded its crypto effort as Novi and started working on the wallet app.
The app is free and aims to help users send and receive money instantly, securely and without fees. It supports USDP, a stable coin from blockchain company Paxos Trust, which is linked to the value of the US dollar. Unlike other cryptocurrencies like Bitcoin and Ether, USDP is not volatile and is backed by Paxos’ custody services, according to the company’s website.
You can access the payment feature from the paper clip icon on Android or the plus symbol on iOS, and then select “Payment” from the menu that appears. After signing up, you’ll be able to send and receive money from anyone in the world, without any fee or limits on how often you can use the service.
There is also no fee to keep a balance in your Novi account or withdraw it to your bank account, even if you do not use the service often. The wallet is not connected to your personal financial data, and your transactions will not be visible on WhatsApp’s servers.
It will also not impact end-to-end encryption of your personal messages and calls. The feature is available to a limited number of users in the United States, and it will be expanded in the future.
What’s more, you can send and receive a wide variety of different currencies, including fiat currencies like the dollar or euro, as well as digital currencies such as ether and bitcoin. Those can be withdrawn to your bank account or kept in the Novi wallet, and they are instant and secure.
What’s more, you can send and exchange your local currency to other currencies in the Novi wallet as well, such as Mexican pesos. All you have to do is find your contact on the WhatsApp chat screen, tap the paper clip icon on Android or the + symbol on iOS, and choose “Payment” from the menu that appears. Upon receiving your payment, your recipient will be given the option to accept it or reject it. You can also send a notification to your recipient informing them of the transaction.