WhatsApp Rolls Out Crypto Pilot Scheme for Customers in the U.S.

WhatsApp has announced the launch of a crypto pilot scheme that will allow customers in the U.S. to send and receive crypto payments within messaging groups. 

Following the announcement, crypto payments on Whatsapp will be supported by Novi – Meta’s (formerly Facebook) digital wallet. All payments will be carried out using Pax Dollars – a stable coin priced close to the U.S. dollar. The announcement was made by Stephane Kasriel from Novi and confirmed by WhatsApp chief Will Cathcart. 

The announcement comes soon after Meta’s Leader in the Diem project, David Marcus said that he is parting ways from the company at the end of 2021. 

SEE ALSO: Facebook Eases Out Policies Around Cryptocurrency Marketers

More about WhatsApp’s crypto payments feature

Will Cathcart confirmed the launch of new crypto payments features on Twitter. He said that a lot of customers use WhatsApp to send and receive payments from their friends and family. Novi will allow them to make payments securely without any charges. 

Sending payments will work similarly to sending attachments in WhatsApp. While Android users can access the feature through the paperclip icon, iOS will have to use the + icon. 

According to Novi, there are no hidden charges involved while sending and receiving money. Besides, there is no limit to the number of payments that can be sent. All payments will be transferred instantly. 

Novi pilot and Meta’s crypto plans

Novi pilot was initially available to customers in Guatemala and the U.S. However, users in Guatemala will not have access to WhatsApp’s new payment functionality. 

Payments will not have any impact on WhatsApp’s end-to-end encryption, which is already in place for personal conversations. The WhatsApp pilot is available in Spanish and English. 

The roots of the current pilot project run deep in Meta’s cryptocurrency plans that were announced in 2019. Around that time when Meta (then Facebook) was a member of the Libra Association, it was roping in efforts to launch a cryptocurrency named Libra. This currency would seamlessly integrate with Calibra, a digital wallet developed by Facebook. 

The entire system was developed to provide a convenient mode of payment around the world with lower fees than conventional methods. 

While this pilot project will primarily focus on cryptocurrency and Novi in the U.S., WhatsApp is offering payments using traditional currencies in every other part of the world. 

SEE ALSO: Bitcoin Latinum Rolls Out World’s First Bitcoin-enabled NFT Marketplace

Feature Image Source: rawpixel.com

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

We will be happy to hear your thoughts

Leave a reply

ToolsMetric
Logo
Compare items
  • Total (0)
Compare
0