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Facebook launched Digital wallet; Important things you should know about Facebook Digital wallet.

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Facebook digital wallet

Facebook launched the pilot of its new digital wallet, Novi, in the U.S. and Guatemala. 

Novi offers a free, secure, and instant way people can send money abroad. 

Facebook is partnering with Coinbase and stablecoin issuer Paxos; users will be able to send and receive Pax Dollars, USDP. 

Facebook plans to migrate the Novi wallet to its Diem payment network eventually. 

In the blog post, Facebook plans for Novi to be interoperable with other digital wallets. 

Facebook chose Paxos’ USDP to test its new systems with a stablecoin backed by the U.S. dollar, a stablecoin whose reverses are held 100% in cash and cash equivalents. 

Paxos received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) in April on its bank charter request. 

Facebook is opening Novi to a limited number of users for the pilot; some users might be placed on a waitlist. 

Users need a valid government I.D. to use the digital wallet. Users can download the app from Apple’s App Store or Google’s Play Store to access the platform. 

Users need a debit card to add money to their accounts. 1 U.S. dollar is equal to 1 USDP. Users can withdraw money received through Novi in their local currency.

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