- A Facebook memo states that it is ready to present the Novi digital wallet soon.
- This service will offer free person-to-person payments both nationally and worldwide.
- The best feature of this project is cheaper merchant payments, benefiting businesses.
According to Facebook executive, David Marcus, the social media platform is ready to launch its Novi digital currency wallet.
‘Change is long overdue, it’ll happen one way or another,’he stated in his memo last Wednesday.
Facebook is set to get into the digital wallet space. The digital wallet, Novi, will be integrated into the Facebook app and change the way users see and use it.
Why is This Relevant?
To start, digital wallets are like bank accounts—only, it stores crypto and allows you to access, receive, and send crypto easily. Moreover, the best thing about it is that you have full control over your crypto and other digital assets.
According to Marcus, this could make Facebook a “challenger in the payments industry”. Through the integration of Novi digital wallet to the Facebook app, merchants from all over the world will experience free person-to-person payments. The goal is to offer more financial services to companies via partnerships. To add, the cheap merchant payments to businesses will produce profit once there is a significant customer base.
We can then branch out and offer a variety of other financial services in partnership with respected and well-regulated partners, and expand from there,
Marcus believes that the “needs of the people should come first”. He said this project will “more effectively” detect malicious activities faster than standard financial systems. He added that the “chance to create an open, interoperable protocol for money over the internet, is now.”
Of note, Facebook has already secured licenses and approvals for Novi in almost every state in the U.S. However, they will not launch anywhere the platform has not received such clearances.