WhatsApp pilots cryptocurrency payments! Real-time transfers and unlimited payments!

It is learned that WhatsApp is launching a new pilot in the United States powered by Meta's digital wallet Novi, which supports some users to send and receive the cryptocurrency PaxDollars (USDP) in chats. This is a stablecoin pegged to the US dollar issued by Paxos.

According to the Novi website, there are no fees for sending or receiving funds and the transfer is real-time, with no limit on the number of payments, and the process is similar to sending an attachment on WhatsApp. Users click the plus (+) icon and then select Pay in the menu that appears. Users who pay in this way will receive USPD, which can be withdrawn to the equivalent US dollar account in their bank account.

It is understood that the pilot is rooted in Meta's cryptocurrency plan announced in 2019. The plan that year was to develop a cryptocurrency called Libra, which would be connected to the Facebook digital wallet called Calibra at the time. However, the cryptocurrency Libra was renamed Diem in 2020, the Libra Association was also renamed the Diem Association, and the digital wallet was renamed from Calibra to Novi. So Meta worked with Coinbase to adopt the Paxos stablecoin, and Coinbase is the custodian partner holding funds for the pilot. In addition to cryptocurrency payments, WhatsApp currently also provides payment services using fiat currencies in other parts of the world, including India and Brazil.

Editor ✎ Estella/

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