- The social media giant Facebook announced on 26 May the rebranding of its Calibra wallet to Novi.
- The digital wallet platform now named ‘Novi Financial’ will operate independently from Facebook.
- The announcement further reveals Novi’s integration with Facebook-owned messaging apps Messenger and WhatsApp.
- Facebook lately faced backlash regarding its digital currency Libra.
The social media giant Facebook announced on 26 May the rebranding of its Calibra wallet to Novi. According to their official announcement, although they have changed the name, their vision and long-term commitment remain the same. They will continue to help people worldwide gain access to affordable financial services.
The digital wallet platform now named ‘Novi Financial’ will operate independently from Facebook. Besides that, Libra Association will now handle the developed official wallet of Facebook-backed Libra.
Wallet to be integrated with Facebook-owned messaging apps
The announcement further reveals Novi’s integration with Facebook-owned messaging apps Messenger and WhatsApp. The wallet will have interoperability with these apps though it operates as an independent application.
Novi’s design is to help people gain better access and to make money work better for people. Be it the sending of funds or the receiving of it; the Novi wallet aims to make these transfers much more accessible.
However, Facebook did not provide or unveil the launch deadline. But it offered clarification regarding its availability in specific countries before providing access to all jurisdictions. In addition to that, government identification verification has been mandated for all users, mainly to protect from frauds.
Facebook’s Libra faced a major setback regarding its launch
Facebook has lately been facing backlash regarding its digital currency Libra. Thereby proving as a major setback for its digital currency launch. Apart from that, another barrier that came it’s the way was dropping out of key members from the Libra Association. The social media giant had plans to launch Libra in mid-2020. It is worth bringing to attention that Facebook announced its intention to launch Libra in June last year.
The barrier compelled Facebook to redesign its white paper. The Swiss non-profit added new members including Temasek, and Checkout.com, UK-Based payment processor.