Facebook presents Novi, digital wallet for the new digital currency Libra (ex Calibra)
Facebook presented Novi; the new name and brand for the digital wallet that will help people send and manage digital currency Libra, a new payment system based on blockchain technology. At presentation last year, this digital wallet was called 'Calibra'.
With Novi, sending money will be as easy as sending a message.
Users will be able to use Novi as a standalone app, as well as in Messenger and WhatsApp. There will be no hidden fees for adding, sending, receiving, or withdrawing money, and transfers will be instant.
All Novi customers will be required to verify their identity using a government-issued ID, and fraud protections will be built into all apps. If they need assistance, users will have 24/7 access to a support team via chat.
Facebook plans to launch a beta version of Novi, once the Libra network is available, first in an initial set of countries, with features that will make cross-border money transfers instant, secure, and without hidden fees.
Speaking of Novi, this is the first product that Novi Financial will introduce; a Facebook subsidiary that operates independently of Facebook and is headquartered in Menlo Park, California. It was founded with the mission of "Make money work better for everyone" according to the official description. "We believe that everyone in the world should have equal access to financial services".
