Curious to get introduced to Facebook’s Novi? You have landed on the right page. This article explains the concepts of the Novi digital wallet, its working mechanism, and its features.
Learning of the blog
- A Gentle Introduction to Facebook’s Novi
- How Novi Works?
- Novi’s Features
- The Verdict
A Gentle Introduction to Facebook’s Novi
Recently, an announcement was made that Facebook is renaming Calibra, a digital wallet as ‘Novi,’ inspired by the Latin words “Novus,” where “no” means “new” and “via,” mean “way.” In simpler terms, the company means to illustrate that it is a new way to send money. According to Novi’s website, initially, these could include currencies such as the US dollar, British pound, and the Euro. With the change, Facebook has implemented a new visual identity, which will enable the digital currency’s fluid movement along with the Libra icon’s nod. Talking about Calibra’s old logo design, which created a controversy because of its similarities to the startup bank Current, along with the new name, Novi is also getting a new logo.
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How Novi Works?
Now, as we have introduced ourselves with Novi, let’s learn how this digital wallet works. Novi is a stand-alone app that aims to make sending money as easy as sending a message. Since it is a stand-alone app, users do not need to install dependencies to make it work. Its official website describes Novi as a ‘Connected Wallet for a Connected World,’ which is making money move more freely globally. The ability to work in the Facebook ecosystem also suggests that it will work across different applications such as WhatsApp or messenger messaging services to let users send money to their contacts.
Initially, the user has to use a government-issued ID to sign up for the service. When the user adds money to his wallet, it will be converted to Libra digital currency that can be sent globally. A digital wallet claims that one can track every step of the mechanism and offers the liberty to keep a balance in the wallet or withdraw in your local currency anytime, anywhere.
Moreover, one can add, send, receive, and withdraw money from their digital wallet without worrying about hidden charges, and users will have access to 24/7 chat-based support. Novi is still in progress and will release when the Libra network is ready to use. Want to learn about trading rules and predicting markets? Wait no more. Become a Certified Cryptocurrency Trader now!
Now, as we have understood how it works, let’s explore its novel features.
Easy Accessible and Traceability
Novi is simple and easy to use. You can add money to your wallet and send the digital currency to your friends and colleagues across the world. What you have to do is just select who you’re sending to, enter the amount, see the exchange rate, and make the transfer. It is as simple as that. Along with easy operation, it allows traceability at each step.
To ensure security, customers are verified with a government-issued ID to protect their accounts. Also, they have in-fraud protections that will enable users to report any malicious action. If somehow, fraud takes place, the user can claim a full refund. At the same time, it also ensures privacy as only the user can see his transactional history.
With Novi, sending and receiving payments is possible in just a few taps. One can receive money instantly in Novi wallets, and for this, one need not pay any extra amount. As we already mentioned, one can choose to keep a balance in the wallet or withdraw in their local currency whenever and wherever they want.
No Hidden Fees
As the transaction is possible by just taping a few taps, it does not mean one has to pay any extra amount to get it there faster. Moreover, there are no hidden fees associated with it.
Apart from all the features, it allows users to send personal notes to their loved ones while sending money.
Despite the name change and logo redesign, Facebook says its mission for Novi and Libra remains the same, and it aims to make sending money as easy as sending a message. But as the Libra project is still in progress, it is unpredictable to say how revolutionary it will be. What’s your take about Novi? Let us know in the comment section.
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