Updated: November 11, 2021 5:09:35 pm
WhatsApp could launch a peer-to-peer payment system in other countries as well, according to a new report. A code found in the latest WhatsApp 220.127.116.11 beta version hints at Novi integration, which will enable global payment transfers, according to XDA Developers.
The Novi service is only available in the US and Guatemala, which means that the messaging service is working on adding payments for US users too. It is worth noting that WhatsApp is offering a payment system in only India and Brazil. In India, it is based on Unified Payments Interface (UPI), which allows for direct bank transfers.
The new finding backs the WABetaInfo report that showed the integration of Novi service and how it might look like. Those who are unaware Novi is the digital wallet owned by Meta, which was previously known as Facebook.
Novi allows anyone to send and receive money at no extra cost across borders by using the Pax Dollar, which is a digital coin backed by the US dollar. The integration of this service would let WhatsApp users send or receive money globally through the Novi digital wallet.
It is being reported that users will be required to upload their documents for verification before trying the new money transfer experience. One might also be asked to take a video selfie for identity verification.
It seems the company is has started unifying its payment service for its social media apps. David Marcus, Head of FinTech unit at Meta recently revealed that the parent company is unifying its payments and financial services unit and products under the Novi brand.
“Some of these products are branded Facebook Pay, some are unbranded, and our wallet operates under the Novi brand. So over time, we will unify all existing and future payments and financial services experiences under the Novi brand,” the executive had said.
The company is already running a small pilot of a Novi digital wallet in the US and Guatemala. But, there are chances that the social media giant might offer Novi to a large number of WhatsApp users in the near future.
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