Whatsapp adds cryptocurrency payments in the U.S. using Meta’s Novi Wallet

WhatsApp, the instant messaging app owned by Facebook, has launched a new pilot service that allows a “limited number” of U.S. users to send and receive money using digital cryptocurrencies while chatting.

The feature is powered by Meta’s digital wallet Novi, which was launched as a pilot six weeks ago using Paxos Dollar (USPD), a stable currency pegged to the US dollar issued by Paxos.

Chosen WhatsApp users will be able to send and receive money “instantly, securely, and without fees.” Transactions are processed in the stable currency Paxos Dollar (USPD), which is pegged to the U.S. currency.

These payments via WhatsApp work similarly to sending attachments. Users who want to send money will find the “Payments” option in a submenu by pressing the + icon. Those who receive USPDs can then transfer them to a bank account, as they are equivalent to the US dollar.

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To reassure users, WhatsApp does not plan to set a daily transaction limit. There are also no plans to charge fees for using the virtual wallet or for transfers to bank accounts. The company also said that the integration of Novi will not have a negative impact on the encryption of conversations and will not introduce any new vulnerabilities that would pose a risk to user data.

Currently, Novi’s virtual wallet feature is only available to a limited number of users in the US. It is not known if WhatsApp plans to include other regions in this test of the feature or when it will officially reach the rest of the users.