Home > WhatsApp launches cryptocurrency payments pilot in the United States

WhatsApp launches cryptocurrency payments pilot in the United States

The cryptocurrency space is expanding, and an increasing number of corporate entities are starting to provide crypto-related services.

WhatsApp, the messaging platform owned by social media giant Meta, has launched cryptocurrency payment services in the United States. The service is in its early stage and is only available to a limited number of people at the moment.

The feature allows users to send and receive money from within a chat using cryptocurrency. At the moment, the feature is powered by Novi, the digital wallet launched by Meta a few weeks ago.

According to Novi’s incoming head, Stephane Kasriel, and WhatsApp’s Will Cathcart, payments will be made using Pax Dollars (USDP), a stablecoin pegged to the US dollar issued by Paxos. The Novi official website said;

“Novi is a new way to send and receive money — instantly, securely, and with no fees. With Novi on WhatsApp, you can transfer money without ever leaving your WhatsApp chat. Available in the US.”

Sending a payment via WhatsApp is the same as sending any other attachment on the app. Users can access the feature through the paper clip icon on Android or the + icon on iOS. Afterward, they can select “Payment” from the menu that appears.

According to Novi, there are no fees for sending or receiving money. Furthermore, no limits on how often payments can be sent, and there are no fees attached when a user decides to keep a balance in their Novi account or withdraw the funds to their bank accounts. Payments are processed instantly.

Social media giant Meta has been eyeing the cryptocurrency space for a while now. Facebook changed its name to Meta in a move to explore the metaverse space. The company also changed its advert policies to allow crypto exchanges, wallet providers and other crypto-related service providers to advertise their products and services on Facebook and Instagram.

Trade/invest in stocks with just $50
Invest for dividends and get payout on stocks on Ex-Dividend day
Over 11 payment methods, including PayPal
Open my Account

We use cookies to personalise content & ads, provide social media features and offer you a better experience. By continuing to browse the site or clicking "OK, Thanks" you are consenting to the use of cookies on this website.