Facebook Set To Launch ‘Novi’ Digital Wallet

Facebook Set To Launch ‘Novi’ Digital Wallet

The social media giants Facebook is set to launch it’s first digital wallet called ‘Novi’ according to a memo sent by the Facebook Executive David Marcus.

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Facebook is planning to dive into the digital wallet with the unveiling of Novi. The wallet will be integrated into Facebook app according to David Marcus, the Facebook Executive who has been pushing the company to move toward incorporating digital currency.

According to Marcus, “the Novi wallet will enable people, and eventually small businesses, to move money around domestically and internationally in a quick and affordable way.” Marcus adds that nearly every state in the US has granted Novi secured licenses and/or regulatory approval.

The Novi platform promises to offer free person-to-person payments both domestic and international for anyone using the Novi wallet. Facebook is banking on the desire for people to move toward cost-free payments that are “more convenient to ones that are significantly more expensive and not consumer-centric.”

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According Marcus, over the last couple of years, many people have asked why Facebook cares about building Novi with stablecoins in lieu of using fiat money. One of the arguments Marcus hears often is that Facebook has some “ominous plan” to make money and that FB couldn’t be doing this out of “the goodness of your hearts.” Marcus’ response to those questions is that “I can’t blame people for thinking this. But that claim comes from a place of misunderstanding the tech industry, and an ethos that most very successful tech companies have espoused.

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”He goes on to say that they will first be focused on addressing the needs of people at scale and then set a path to sustain the work via monetization. Marcus views Facebook as an underdog in the industry and that offering free payments will help their break-in.

Facebook Set To Launch ‘Novi’ Digital Wallet