Facebook launches Novi digital wallet

Pushing the future of digital wallets

Facebook is starting to launch its digital wallet named Novi to a limited number of people in the US and Guatemala.

Help from Remitly

The digital wallet enables users to send and receive money using the Pax Dollar (USDP) stablecoin, securely and instantly, without any fees. Digital financial services platform Remitly announced yesterday that it is collaborating with Novi to help open new channels of financial access and inclusion.

Only the beginning

For now, it is only available as a pilot for a selected group of people in Guatemala and the US, apart from New York, Alaska, Nevada, and the Virgin Islands. During the pilot, Facebook will test that its customer response, compliance, and core features are functioning as they should.

Senate is not happy

In a letter from US Senators, Sens. Brian Schatz (D-HI), Sherrod Brown (D-OH), Elizabeth Warren (D-MA), and others commented, “Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape — not only for Diem specifically, but also for stablecoins in general.”

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