WhatsApp getting Novi payment in the US.


Meta is rolling out Novi Payments for WhatsApp in the US. Novi’s head, Stephen Kasriel has confirmed that a limited number of users to let them send and receive money via WhatsApp.

This new push comes after WhatsApp integrated UPI in India, where UPI transactions have reached more than $100 billion transactions. Novi is similar. It will let you send and receive money with no additional charges at all. Literally, you will not be charged a single penny, not even a holding fee. However, you need to have a Novi account for using the feature.

The way UPI in India works is by first signing in with any UPI app, for example, Google Pay, with your mobile number, linked to your bank account. In case you never used UPI before, you need to create a virtual UPI ID, which will be linked to the bank account and the mobile number. You can create as many IDs as possible with the same number. After you sign up/sign in, you have to link the bank, to complete the process. For security, we use a six-digit PIN code. Moreover, the money you send is transferred directly to your linked bank account, without any intermediate, as PayPal does.

One thing to note is Novi uses Pax Dollar, which is a cryptocurrency with a value equal to USD.

Source: Android Authority

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