The digital world was abuzz with the news of Facebook’s launch of a digital wallet named Novi. The information was released through a memo on Wednesday.
According to the news, Facebook is eager to break into the space of digital wallets. The memo sent by David Marcus states that the wallet will soon integrate into the Facebook app and is all set to enter the market. Marcus is the brain behind the execution of Facebook’s digital currency.
Reportedly, the Novi wallet will be an interoperable wallet running digitally. In Marcus’ words, Novi will enable people and small businesses to transfer money internationally and domestically, quickly and in the most economical way. He further stated that Novi has been granted approval of regulatory bodies and secured licenses by almost all major US states.
The platform will offer zero fees for person-to-person transactions. The same will be free for domestic and international users. Facebook is banking on the people’s desire for comfortable and cost-free payments rather than anything else. So the wallet won’t be consumer-centric. Once Novi acquires substantial users, the global businesses will receive merchant payments cheaply. However, Novi will still earn profits on merchant services.
The plan behind Novi is to attract more and more users. Marcus wants to encash the popularity of Facebook through the Novi app. Undeniably, the plan is brilliant. The future prospects of Novi seem quite bright. The future plan of the wallet is to branch out and provide financial services through establishing entities or integrating within the sector. The entire scenario of Novi is anticipated to be lucrative.