WhatsApp has launched instant cryptocurrency payments feature
Thanks to Novi integration, a digital wallet owned by Facebook, WhatsApp has implemented a bitcoin payment function for a small number of users in the United States (now Meta).
The Paxos Dollar (USPD) stablecoin, whose value is linked to the US dollar, is used in the pilot test to allow users of the encrypted messaging service to send and receive money "instantly, securely, and without fees."
Payments in WhatsApp work in the same way that standard attachments do in a conversation. Users tap the addition (+) icon, then choose Payment from the drop-down box. Users who are compensated in this manner receive USDP, which may be withdrawn to a bank account in US dollars.
The Novi system can be used to send and receive money using WhatsApp an unlimited number of times. There are no costs for keeping a balance in a Novi account or withdrawing it to a bank account, regardless of how often you use it.
Furthermore, integrating Novi into the chat platform has no impact on the end-to-end encryption of personal conversations.
Some customers in the United States have access to the limited pilot program as of today. Visit the Novi website for more information on the WhatsApp integration.
The pilot is one of Meta's cryptocurrency initiatives, which have evolved since their initial announcement in 2019. The goal was to create a cryptocurrency called Libra that would be tied to a Facebook digital wallet called Calibra at the time.
However, Libra has subsequently been renamed Diem, and Calibra has been renamed Novi, and instead of using Diem, Novi has embraced the Paxos stablecoin in collaboration with Coinbase, the pilot's custodial partner.
In India and Brazil, WhatsApp already has payment systems, but they employ standard fiat currencies rather than crypto.
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