The recent world situation witnesses a rise in online shopping. As such, Facebook has been leveraging its digital payment system. Since 18 June 2019, the social network is developing the Libra digital currencies. Today, Facebook introduces the Novi digital wallet. It will be the new name for Calibra – Libra’s payment system.
Novi comes from the Latin words “Novus” which means “new” and “via” which means “way.” It’s a new easy, low-cost, and secure way of sending money instantly. The digital wallet is under the supervision of Novi Financial, a subsidiary financial company of Facebook, Inc.
- Using Novi, one can send money around the world through Libra digital currencies. Users can buy, receive, and withdraw Libra funds using local currency. It can also be used to pay transactions wherever accepted.
- Recipients will get the exact amount sent through Novi. The app is cutting fees to help the sender keep more money.
- All Novi accounts are verified using a government-issued ID. The app has built-in fraud prevention. A fraudulent transaction is eligible for a refund. Novi transactions are only visible to the user for safety.
The app also offers 24/7chat-based support. Facebook introduces Novi as of 26 May 2020. It’s currently being built to be a stand-alone app for iOS and Android. It can also be used in Messenger and WhatsApp.
Implications for Marketers:
Novi is a flexible payment solution for online businesses. As it accepts peer-to-peer payments, marketers can offer a low-cost option everyone can use. Once the digital wallet is available, marketers can reach out to more customers online.