Meta-owned WhatsApp has rolled out a new pilot project that allows a “limited number of people” in the US to send and receive money from within a chat using cryptocurrency.
The initiative is supported by the Meta (formerly known as Facebook) digital wallet, Novi, that was launched as a pilot about six weeks ago.
“There's a new way to try the Novi digital wallet. Starting today, a limited number of people in the US will be able to send and receive money using Novi on WhatsApp, making sending money to family and friends as easy as sending a message,” Novi’s head Stephane Kasriel said on Twitter.
“Since we introduced the Novi pilot just six weeks ago, we’ve been able to test and learn which features and functionality are most important to people and focus our efforts on making those even better,” Mr Kasriel added.
With Novi on WhatsApp, users can transfer money instantly without leaving their chat. They can log into their existing Novi account or create a new account to use this service, the company said.
To ensure the privacy of users, Novi encrypts sensitive financial information and the documents users upload, like photo IDs, addresses and bank details.
Novi has built-in controls and 24/7 account monitoring that help detect and flag suspicious activity.
“If we determine a transaction is unauthorised, we will provide a full refund back to your Novi balance,” Novi said.
“We often hear that people use WhatsApp to co-ordinate sending money to loved ones and Novi enables people to do that securely, instantly and with no fees. Payments will appear directly in people’s chat,” said Mr Kasriel.
“We’re still very early in the Novi pilot journey, so we made the decision to test this new entry point in one country to start with and will look to extend it once we’ve heard from people what they think of this new experience.”
When users add money to their Novi account, the company converts it to USDP (Pax Dollar), a stable digital currency issued by Paxos Trust, a regulated financial institution.
USDP is designed to have a stable value relative to the US dollar, so on Novi, 1 USDP is equal to $1.
Currently, using Novi on WhatsApp has no fees for sending or receiving money and no limits on how frequently users can send money.
Start using Novi on WhatsApp
- In WhatsApp, find the contact you'd like to send money to and open your chat
- Tap the paper clip icon on Android or the + icon on iOS
- Select “Payment” in the menu
- Follow on-screen instructions to log into your Novi account or create a new one
- Start sending and receiving money
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MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Killing of Qassem Suleimani
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
Killing of Qassem Suleimani
One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
The Vines - In Miracle Land
Two stars
UAE currency: the story behind the money in your pockets
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
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- Professional ethics.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
