WhatsApp is launching a pilot cryptocurrency payment system in the United States. This payment system is powered by Novi, Parent company Meta’s own digital wallet.
Although still in a pilot stage, its usage will have a “limited number” of people in the US to send and receive cryptocurrency within a WhatsApp chat. It will majorly use payment from Pax Dollars as it pegs with the US dollars.
WhatsApp is making this feature super easy, as payment would work exactly how users send attachments using the paper clip icon on Android or + icon on iOS. There will be a new “payment” option for the limited testers in the United States.
According to Novi, these payments will be instantaneous, have no limit for transfers, with no holding charges in users Novi accounts. Meta, formerly known as Facebook has Coinbase as its custody partner for this pilot project.
WhatsApp still supports orthodox payments in India and Brazil. It brought back its payments service to Brazil after its suspension lift by Brazil’s Central Bank in June of 2020. The apex bank had suspended the service a few days after it launched in the country.
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Brazil’s central bank had originally suspended WhatsApp payments, due to concerns about competition in the payment system market. It said was going to evaluate whether the service was compliant with regulations. Facebook however says it had been in contact with the authority before the launch.
WhatsApp users in Brazil are able to connect debit, prepaid, or combo cards from several banks that are working with its payments processor. Meta hasn’t abandoned its planned Liba cryptocurrency plans, it recently renamed it to “Diem.”
In a previous tweet, Novi’s head David Marcus announced that Diem would launch once it receives regulatory approval. Although He will be leaving the company by the end of the year.
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