Whatsapp has launched a pilot program to test the ability to send and receive instant payments with a simple chat message.
WhatsApp has launched a cryptocurrency payment feature for a small number of users in the United States allowing transactions to take place through Novi, Meta’s digital wallet. The test is part of a pilot program that looks to examine the feature’s viability.
Related | WhatsApp Starts Letting Users Create Custom Stickers
The program allows select Whatsapp users in the US to send and receive money “instantly, securely, and with no fees” using the Paxos Dollar (USPD) stablecoin – a type of cryptocurrency that is always pegged to the value of the US dollar.
https://twitter.com/skasriel/status/1468722859648307201
According to Stephane Kasriel, head of Meta’s cryptocurrency and fintech unit Novi, Meta has been able to test and learn which features and functionalities are “most important to people” since it introduced the Novi pilot in mid-October.
Whatsapp’s test is making money transfers as simple as sending an attachment within a chat conversation on the app. By tapping on the plus icon users have an additional option to select a “Payment” function from the menu.
At the other end of the chat, the user who receives the payment will receive an instant money transfer in USDP and have the ability to withdraw the equivalent in US dollars to their bank account. straight away.
Users are able to send and receive transfers as often as they like and are not charged fees for the transfer, for keeping a balance in their Novi wallet, or for making withdrawals into their bank account.
The pilot, which is the outcome of Meta’s dedication to developing the company’s cryptocurrency projects since 2019, is being carried out in partnership with major cryptocurrency exchange Coinbase, which currently holds the funds for the pilot.
A number of senators in the US have recently opposed the launch of Meta’s plans to develop digital currency products. Novi keeps on making progress, despite all setbacks experienced in the past few years.
WhatsApp already offers the option to send and receive fiat currency payments on the app in India and Brazil, but this new pilot program represents the first time the company attempts to provide its users with the opportunity to use cryptocurrency instead.
You might also like
More from Tech
YouTube Is Testing AI-Generated Video Summaries
YouTube has recently started testing a new feature that automatically generates summaries of videos using AI.
Meta Prepares To Launch AI Personas To Retain And Engage Users
According to industry sources, Meta is preparing to launch its AI personas feature in an effort to increase engagement with …
Meta Launches ‘Meta Quest+’ VR Subscription For $7.99
The new Meta Quest subscription will give you access to the top titles on the device every month. It costs …
YouTube Is Adding AI-Powered Dubbing
YouTube is integrating the team from Aloud to help you dub your videos in other languages with the help of …
New VEED AI Tool Helps You Fix Your Gaze In Videos
How many times have you struggled to keep eye contact with a camera when filming a video and reading off …
Apple Will Automatically Assign You An Apple ID Passkey With iOS 17 And macOS Sonoma
Apple will automatically assign each user a passkey so they can log into Apple accounts without needing a password. Passkey allocation …
IKEA Used AI To Create A Couch That Can Fold Like An Envelope
A design lab affiliated with IKEA used AI to design a couch that only weighs 22 pounds and can fold …
5 Long-Awaited Features Apple Is Finally Bringing To The iPhone With iOS 17
At WWDC 2023, Apple introduced several new features that will come with the release of iOS 17. Here are the …
Leaked: Instagram Is Working On An AI Chatbot
Images leaked by app researcher Alessandra Paluzzi show that Instagram is working on an AI chatbot. According to the images shared …
