Meta launches digital wallet 'Novi' for Metaverse; replaces Facebook Pay with Meta Pay

 Social media platform Meta has launched its digital wallet “Novi’ for Metaverse, Chief Executive Officer (CEO) Mark Zuckerberg announced said on his Facebook post.  

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‘Novi’ has zero fees for international remittances and users of the wallet will be able to send money faster than other applications, Zuckerberg claimed in this post. 

The CEO also informed about replacing Facebook Pay with Meta Pay.  

"Introducing Meta Pay and a digital wallet for the Metaverse. Today we're taking the first step by changing Facebook Pay to become Meta Pay,” said Zuckerberg in the post.

He added that erstwhile service of Facebook pay would be the same and users will be able to do shopping, send money and even donate easily for causes they care about on Facebook, Instagram, WhatsApp, Messenger and anywhere else they could use Facebook pay.

 See the Full Post here - 

"But beyond the current features, we're working on something new: a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay," he added.

Speaking about the future of Meta, he wrote, "In the future there will be all sorts of digital items you might want to create or buy -- digital clothing, art, videos, music, experiences, virtual events, and more. Proof of ownership will be important, especially if you want to take some of these items with you across different services."

He also stated that "Ideally, you should be able to sign into any metaverse experience and everything you've bought should be right there."

However, he noted that "there's a long way to get there; But this kind of interoperability will deliver much better experiences for people and larger opportunities for creators."

Talking about the potential of Meta as a marketplace, Zuckerberg said that users should be able to sign into any metaverse experience and everything they have bought should be right there.  

“There's a long way to get there, but this kind of interoperability will deliver much better experiences for people and larger opportunities for creators. That is, the more places you can easily use your digital goods, the more you'll value them, which creates a bigger market for creators. The more easily you can transact, the bigger the opportunity for creators should get as well. We're looking forward to building this out,” he further said.

“In simple terms, there are no fees to add or send money to anyone with a Novi account. Simply add a debit card to put money in your account, and it’ll be converted to USDP (Pax Dollar). In Novi application, 1 USDP is equal to 1 US dollar. Plus, Novi doesn’t add markups to exchange rates,” the FB post said.

“For security, all customers are verified with a valid government-issued photo ID. When needed,  additional identity verification steps such as asking for a video selfie are taken to
verify further,” he added.