Altcoins

Whatsapp now includes a payment option in its service

Meta, formerly known as Facebook, has undergone several changes since the year began. The company, which also owns social media apps Instagram and Whatsapp, has made moves to include cryptocurrency into their services as they are set to be a key player in the new metaverse.

In a recent report,  Whatsapp users in the United States can now transfer and accept funds using the Novi wallet, thanks to the expansion of a trial program for the crypto payment service developed by Meta.

Novi’s CEO, Stephane Kasriel, claimed late Wednesday on Twitter that just a small number of individuals on WhatsApp had access to exchanging money digitally with Novi. Novi, Kasriel claimed, makes sending money to family and friends as simple as sending a text message. Novi’s website also included a notification regarding the extended US tests.

Novi, a separate software similar to WhatsApp, is developed to send and receive money internationally and instantaneously with no costs. Payments are made in Pax Dollars, or USDP, a stablecoin launched in 2018 with a fixed value to the US dollar and completely backed reserves of cash and currency equivalents.

How to use Novi on WhatsApp

Simply follow these instructions to begin using Novi on WhatsApp:

Open the chat with the person you’d like to give money to on WhatsApp.

On your iPhone, press the Plus button.

In the menu, choose Payment.

To log in or create a new Novi account, follow the on-screen instructions.

Begin receiving and sending money.

A few months ago, then-Facebook started a “limited” test program for Novi in Guatemala and some regions of the United States, claiming that the service might help reach a section of the world’s 1.7 billion adults without access to a bank account. Novi is also partnering with cryptocurrency exchange Coinbase to provide custody services for its customers’ assets.

In October, a group of Democratic senators called on Mark Zuckerberg, the creator, and CEO of Facebook, to halt the launch of Novi, claiming that the firm could not be trusted to run a payment system or digital currency.

Meta to Continue its Expansion

Novi, according to Facebook, is just getting started. To begin with, it is only available as a pilot for a select group of users in Guatemala and the United States except for Alaska, Nevada, New York, and the U.S. Virgin Islands. Second, Facebook and the Diem Association have not ruled out the possibility of launching their own cryptocurrency in the future.

In a post on Twitter, Novi project lead David Marcus said, “I do want to be clear that our support for Diem hasn’t changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to do it right.” 

In June of this year, Facebook announced the Libra cryptocurrency. Since then, the crypto industry has altered dramatically. Some stablecoins, in particular, have grown in popularity to the point where Tether and USD Coins currently have a combined circulating supply of more than $100 billion. 

Ripple Successfully Trialled By UK Forex Exchange

Ripple divides opinion. On the one hand, it has a solid base and strong partnerships that mean it could genuinely transform the way that money is transferred. It could speed up and reduce the fees associated with making bank payments and transfers.

Divided Opinions

On the other hand, critics slam its association with major banks – cryptocurrency and blockchain are supposed to be the antipathy of major financial institutions. Working with them, in the eyes of blockchain purists, goes against what the community should stand for. However, it is impossible to avoid the fact that the group keeps making gains, signing partnerships, and releasing positive news.

Successful International Transfers

Most recently, London based foreign exchange brokerage Currencies Direct, has successfully completed several international money transfers using the xRapid platform from Ripple. The company announced that it completed a number of transfers between organisations in Europe, the US, and Mexico. While traditional payment methods would usually take between 3 and 5 days for these payments to complete, Currencies Direct has said that it took just a few seconds each transaction.

To complete the transfers, the sender’s funds were transferred to XRP at a local exchange, sent to an exchange local to the recipient, and then transferred back from XRP to the native currency.

Ripple Future

As well as its successful trial by Currencies Direct, Ripple also announced in February that it was working with Western Union, who would also trial its xRapid payment system, which is actually one of two platforms offered by Ripple; the other being RippleNet, which is the network usually preferred by larger institutional investors.

For all of the criticism levelled at Ripple, it aims to bridge a gap between cryptocurrency and major baking institutions and, in that respect, it could be the crypto that actually helps elevate blockchain and cryptocurrency to the ranks of mass adoption.

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