Libra’s new wallet Novi and what it means for online payments in emerging markets like Africa

Libra’s new wallet Novi

According to an announcement on Tuesday, Facebook subsidiary and Libra wallet provider Calibra has now been rebranded to Novi

The first wallet product from the firm is intended to hold Libra’s various digital currencies, once the Facebook-led initiative goes live.

Novi said still committed to helping people around the world access affordable financial services.

The digital wallet will operate as a standalone app, as well as providing interoperability with Facebook’s social messaging apps Messenger and WhatsApp.

Sending funds to friends or family as “easy as sending a message,” transactions with Novi will arrive instantly, contain no “hidden charges, didn’t give detail on transaction fees.

All Novi customers will need KYC and the wallet will be rolled out to a number of countries.

Pushback from regulators & governments to the Libra Association’s original model for its digital currency – a stablecoin pegged to a basket of fiat currencies & government bonds – WILL NOW issue a stablecoins based on individual national currencies in different markets.

Libra still has plans for a multi-currency stablecoin but it will be backed by the new stablecoins and not directly by fiat currencies.

Pressure from U.S. regulators and lawmakers in October prompted Visa, Mastercard and Stripe to withdraw their affiliations with Libra. Checkout.com also joined last month.

With thanks for content and inspiration to https://www.coindesk.com/libra-facebook-blockchain-digital-wallet-novi-calibra?