Facebook initiates Novi, rename digital wallet Libra

Web DeskSenior Editor

28th May, 2020. 10:45 pm
Facebook initiates Novi

Facebook recently introduced on Tuesday its digital wallet, which shall facilitate the users to send and keep the social networks digital currencies.

Novi, the e-wallet, can be used to transact Facebook Libra currencies. It is a stand-alone app but can also be merged with Facebook and WhatsApp. Facebook assured people that it would not add any hidden charges while sending money via Novi. The Company also claimed that the money transfer process would happen in a blink of an eye.

However, to ensure security while sending money the Novi users first have to register themselves a government-issued Id for transactions. For ensuring the safety and security of the money this service has built-in app protection so that money is sent safely across the borders.

Novi’s data privacy policy is confined-it will not share information or financial data with Facebook or any third party without the customer’s consent. The design of this service app is very attractive, which shows the country’s local currency next to Libra’s Logo. In another visual, a user is observed making a transfer from USD to GBP.

Facebook claims that its blockchain technology and that money is saved by the Libra Reserve that is made up of cash or cash-equivalents and short-term government securities. Novi didn’t uncover a lot of things-how money can be added to the wallets; whether it will allow users to link their bank accounts to the app or customers can directly deposit cash into the app.

However, Novi is a wonderful option for those people who wants to send money online across the borders. People have to wait to know about charges, though.

Also Read: Facebook Shops: New feature to promote small businesses

Earlier, Facebook Shops: A brand new feature to promote e-commerce on the social networking platform. This feature allows businesses to create free storefronts on Facebook and Instagram. The new feature Shops will further improve advertising-based business and hit online commerce companies such as Amazon, eBay, and others.

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