As the world evolve and advance in technology, the emergence of digital wallet has been normalize for the payment of any digital purchase.
Digital wallets are basically used to carry out cashless transaction online such as, shopping, paying bills or even sending and receiving of funds in to it.
As the year passed on, digital wallet has accrued lots of popularity and the people are becoming more familiar with it.
Facebook Announce the Launch Date of Their Digital Wallet.
Social media giant, facebook has recently announce the coming of their digital wallet which will surfaces this year as per reports.
the media giant had always prioritise developing a digital wallet for their company which will come along with a personalize token.
The plan has been conveyed to the world around 2019 where they had planed to introduce a cruptocurrency that was then called Libra.
However, the development and launching of Libra was not futile as the company was face with security regulation and resisitance.
Despite the failure of the giant media company to launch Libra, the company has on Wednesday 25 August 2021 announce the launch of a digital wallet.
The social media giant is now ready to launch their newly designed wallet tittled, Novi digital wallet which will be tied on Diem blockchain based payment system.
Facebook Head of Crypto Unit, David Marcos says, Novi will play an instrumental role in easing the global payment system that has been hampered with problem such as, too slow and too expensive to use.
In his word, the former Paypal President and CO Founder of the Diem association says “change is long overdue. It’ll happen one way or another. Novi is ready to come to market”. We feel that its unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payment. ”
Novi is designed to allow users to add money to their wallet which will be converted to a Diem digital currency that could be sent to other world wide.
What IS DIEM BLOCKCHAIN ALL ABOUT
The Diem is nonprofit association that examines the probability of building a Diem stable coins. Stable coins are digital currencies that are attached to a fiat currency or a currency provided by a central bank.
The development of Diem currency project was initially carried out by facebook under the name Libra but couldn’t materialized as the project faced tons of roadblocks and regulatory concerns over facebook’s data privacy.
The Diem cryptocurrency was originally planned to back different currencies and governments but however, the plan changed. The Diem will now launch as a single coin backed by the US dollar.
Marcus in his words, says “let me be clear, if we only offered fiat money I Novi, it would bring people a lot of value, that Novi will offer domestic and cross border payments and it would benefit facebook as the company would create a significant number of wallet accounts”
In concluding the interview, the Facebook head of crypto department, Marcos says, “Facebook is already an actor in the payments industry that Facebook has enabled more than $100 billion in payments volume in the last four quarters and is used in more than 160 countries for payments in 55 currencies.”
According to a report, the launch of Facebook digital wallet Novi, has seen maximum approval in almost every state in the US and it won’t operate in any where it is yet or did not receive clearance said by Marcus.
Furthermore, Marcus gave a highlight on how he would have loved to launch Diem stable coin alongside, Novi wallet but however revealed that the launching of Diem currency is uncertain.
“in theory, Novi could launch before Diem, but it would mean launching without Diem and that’s not necessarily something that we want to do, Marcos told the information media”
“it all depends on how long its going to take for Diem to actually go live and that’s not something I’m personally looking after.”