The largest messaging app, WhatsApp owned by Meta (Facebook), has implemented the cryptocurrency transaction technology directly inside the chatting app. Meaning you’ll be able to send and receive money inside the chatting app.
Novi will allow users to send and receive money through the social media giant’s messaging app, WhatsApp.
The pilot program is open to a limited number of people in the United States
Users will be able to choose the number of funds that they send and confirm the transaction directly in the dialogue with the recipient.
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 Users will be able to receive USDP via WhatsApp, which can then be withdrawn to a bank account in its equivalent value in U.S. dollars.
There is no limit on the number of times the Novi system can be used to send and receive money through WhatsApp as well as no fees associated with keeping a balance in a Novi account or withdrawing it to a bank account.
Facebook has been working on the implementation of cryptocurrency payments inside of its apps for a long time after dropping its plans for the creation of its digital currency due to regulatory concerns.
No word yet on when it will open to all WhatsApp users.
via: Reuters