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Facebook Launches Digital Wallet Pilot Program
Only available for US and Guatemala residents
By Lawrence Bonk Lawrence Bonk News Reporter Florida State University Lawrence Bonk is a tech news reporter for Lifewire, specializing in gaming, AI, VR, and consumer tech, including iOS, macOS, wearables, and more. lifewire's editorial guidelines Published on October 19, 2021 01:04PM EDT Fact checked by Rich Scherr Fact checked by Rich Scherr University of Maryland Baltimore County Rich Scherr is a seasoned technology and financial journalist who spent nearly two decades as the editor of Potomac and Bay Area Tech Wire. lifewire's fact checking process Tweet Share Email Tweet Share Email Software & Apps Mobile Phones Internet & Security Computers & Tablets Smart Life Home Theater & Entertainment Software & Apps Social Media Streaming Gaming If you’ve always been a bit “iffy” about sending money via Facebook Messenger, the company now offers another option for secure and convenient financial transfers. Facebook has rolled out a beta version of its official digital wallet, as reported by a series of tweets by the head of Facebook Financial. This service, called Novi, goes above and beyond Facebook Messenger-based money transfers, as it is designed to combine the security of a cryptocurrency wallet with the convenience of modern money-sharing apps. Novi What does this mean? The wallet can safely store deposits, as Facebook has partnered with Coinbase, and allows for free money transfers outside of the company’s ecosystem. Coinbase will be handling the storage and security of the funds, given its track record. “People can send and receive money instantly, securely, and with no fees,” wrote project lead David Marcus. “We have an opportunity to help change the game for so many people who have been left behind by the current financial system.” Of course, this is an early pilot program so it comes with some major caveats. First and foremost, Novi is currently available only to Facebook users located in the United States and Guatemala. Also, Novi was set to launch alongside Facebook’s official cryptocurrency, Diem. The crypto asset is still facing regulatory approval, so Novi is now tied to the Paxos stablecoin. Stablecoins are tied to a pre-existing currency and Paxos is pegged to the USD. Diem is still coming and Facebook says it will be the cornerstone of the whole service when it launches. If you live in the US or Guatemala, you can download Novi as a standalone app on the Apple App Store and Google Play Store. Was this page helpful? Thanks for letting us know! Get the Latest Tech News Delivered Every Day Subscribe Tell us why! Other Not enough details Hard to understand Submit More from Lifewire Facebook F8 2022: Dates, News, Rumors, and Everything Else to Know Messenger Rooms: How to Use Facebook's Video Chat Feature How to Log Out of Facebook How to Fix It When Facebook Messenger Isn’t Sending Messages The 8 Best Facebook Alternatives in 2022 The 8 Best Money-Sending Apps of 2022 How to Setup a Coinbase Account How to Fix It When Facebook Messenger Won’t Load Messages How to Pay With Google How to Log Out of Facebook Messenger The Top 10 Internet Browsers for 2022 How to Pay Facebook Friends With Messenger How to Check Messages on Instagram How to Deactivate Facebook Messenger 8 Popular Mobile Payment Apps What Is the Opera Browser? Newsletter Sign Up Newsletter Sign Up Newsletter Sign Up Newsletter Sign Up Newsletter Sign Up By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Cookies Settings Accept All Cookies