Facebook Is Ready To Launch Its Digital Wallet

According to David Marcus, the executive who spearheaded the social media group’s move into digital currencies, Facebook is ready to launch its digital wallet, Novi, to offer free person-to-person payments after securing regulatory approval across the United States. 

Marcus said that Novi, a digital currency wallet that will be integrated into Facebook apps, was “ready to come to market”, adding that it had secured licenses or regulatory approvals in “nearly every” US state.

He said that the wallet would offer free person-to-person payments both domestically and internationally, describing Facebook as “a challenger in the payments industry”.

Facebook would be able to offer “cheaper merchant payments to businesses” through Novi while still making a profit on merchant services, once it had a “meaningful customer base”.

“We can then branch out and offer a variety of other financial services in partnership with respected and well-regulated partners, and expand from there,” he added.

Facebook declined to give more details on the precise timing of a launch, and which coins the wallet might hold, following reports that it is looking to work with a stablecoin other than Diem, an under siege digital currency initiative also spearheaded by the social media group.

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