Mark Weaden
Major social media comms platform WhatsApp plans to incorporate cryptocurrency transfers into its service
With the cryptocurrency market booming, demand for digital currency is increasing and tech giants are having to adapt. The plan for WhatsApp is to offer a crypto payment service that will allow users to complete instantaneous transfers of digital currency, without limits and commissions.
Cryptocurrency exchange platforms are no longer the only way to interact with crypto. Customers can now pay using credit and debit cards, pay using crypto through a variety of different payment options and now pay through social media platforms.
The Development of Meta
Facebook rebranded itself to the Meta company, with a whole array of new ideas and highlighting the direction of the company when the name change took place recently. Meta has a focus on web3 and incorporating crypto into a completely new online ecosystem, which is reflected in the testing of instant transfer through WhatsApp chats.
For now, it’s only being tested with a trial group. The aim is to develop the app to satisfy all customers, with transfers being tested on Android and iOS operating systems. Meta is developing its own digital wallet, which will be a requirement for users in order to make payments. On top of that, users will be required to use Meta’s native platform Novi.
Customers will link their WhatsApp account with the Novi platform. This link will ensure swift and safe payments take place.
What currency will WhatsApp use?
The currency that customers will be using is known as Pax Dollars, which is a stable coin pegged to the US dollar. The ability to send currency instantaneously without fees is an extremely appealing service and Meta would benefit if they can get through the pilot phase quickly and launch it officially. With a myriad of fintech crypto companies developing crypto payment systems, time is certainly a factor.
