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WhatsApp has launched a cryptocurrency payment feature for a small number of users in the United States, thanks to Novi integration, a digital wallet owned by Facebook (now Meta).

Novi-WhatsApp.jpg

The pilot program lets users of the encrypted messaging app send and receive money "instantly, securely, and with no fees" using the Paxos Dollar (USPD) stablecoin, whose value is linked to the US dollar.

The way the payments work in WhatsApp is similar to sending regular attachments in a conversation. Users tap the plus (+) icon and then select Payment from the menu that appears. Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars.

There's no cap on the number of times the Novi system can be used to send and receive money through WhatsApp. Regardless of frequency of use, there are no fees associated with keeping a balance in a Novi account or withdrawing it to a bank account. In addition, the inclusion of Novi in the chat platform has no effect on the end-to-end encryption of personal messages.

The small pilot program is available to some users in the US from today. For more information about the WhatsApp integration, check out the Novi website.

The pilot is one outcome of Meta's cryptocurrency plans, which have changed since they were officially announced in 2019. Back then, the plan was to develop a cryptocurrency called Libra that would be linked to a Facebook digital wallet called Calibra.

However, Libra has since become Diem, and Calibra has become Novi, and instead of using Diem, Novi has adopted the Paxos stablecoin in partnership with Coinbase, which is the custody partner that holds the funds for the pilot.

WhatsApp already offers payment systems in India and Brazil, but these used traditional fiat currencies rather than crypto.

(Via WaBetaInfo.)

Article Link: WhatsApp Launches Instant Cryptocurrency Payments in the US
 

irock101

macrumors 6502
Jul 26, 2011
362
59
This only makes sense if the coin is somehow linked to Apple Pay. A coinbase or binance debit card for example. Else it’s like receiving crypto in your wallet, then sending it to an exchange to use it or to withdraw it to your bank. Unless there is an instant solution it’s really pointless.
 

applejpvq

macrumors newbie
Nov 16, 2017
3
0
Testing in the US seems logical, but I really bet it will be huge in other markets where WhatsApp has dominance. Especially if you can do transactions in the local currency or a tied, fixed equivalent
 

HacKage

macrumors 6502
May 14, 2010
499
906
Testing in the US seems logical, but I really bet it will be huge in other markets where WhatsApp has dominance. Especially if you can do transactions in the local currency or a tied, fixed equivalent
Forgive me if I have this wrong, but I was of the understanding that bank transfers between people aren't really a thing in the US, hence why there are so many apps like Venmo etc that facilitate sending money?

I can't see this being a hit elsewhere in the world where sending money to someone directly through bank transfer is just as easy, if not easier than the alternatives. If I pay for something like a meal using my bank card, I can instantly send a payment request to my friends for their share without extra steps or moving from one app to another.
 

sw1tcher

macrumors 603
Jan 6, 2004
5,965
21,602
However, Libra has since become Diem, and Calibra has become Novi, and instead of using Diem, Novi has adopted the Paxos stablecoin in partnership with Coinbase, which is the custody partner that holds the funds for the pilot.

Facebook/Meta, WhatsApp, crypto, stablecoin, Coinbase... crap all rolled up into one.

If you use this, better hope Coinbase doesn't freeze your account. Or that Paxos doesn't become detached from the US dollar.

 
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Reactions: metapunk2077fail

koil

macrumors 6502
Dec 3, 2019
271
709
“However, Libra has since become Diem, and Calibra has become Novi, and instead of using Diem, Novi has adopted the Paxos stablecoin in partnership with Coinbase”

What did I just read?
Musical chairs but instead of a fun social activity it's Facebook hoping to shake some of the bad press they got when they announced their Libra plans.
 

metapunk2077fail

macrumors 6502a
Oct 31, 2021
634
845
"We want a little commission from all those drugs and ransom payments. Please do it with this app and not the other one."

And

"The blockchain permanently records transactions, your addresses and your family's address so screw you and your privacy we are collecting all your data and you can't even delete it.'

And

'Hello ser if you don't pay me $10,000 by end of the day I will send humiliating and very illegal NFTs to your wallet address and all your friends will see it.'
 
Last edited:

metapunk2077fail

macrumors 6502a
Oct 31, 2021
634
845
“However, Libra has since become Diem, and Calibra has become Novi, and instead of using Diem, Novi has adopted the Paxos stablecoin in partnership with Coinbase”

What did I just read?

Scam hunter found out that Paxos helps tech support scammers to launder stolen money through their site. It's just too easy to sell gift vouchers for craptocurrency.

Oh Paxos don't tell us you didn't know.

 

saudade

macrumors 6502
Sep 8, 2015
371
222
Meta: give us all your data, and let us manage your money please. We promise* not to misuse* your, well actually, OUR data.

*Meta will be the judge of that.

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