Saturday, November 27

What is and how does Novi, Facebook’s virtual wallet to send money from the US work?

Facebook has just announced that it will launch a pilot test of the Novi digital wallet in Guatemala and the United States. It is a tool with which users can send and receive money from abroad “in a more instantaneous, secure and free of charge”.

According to a company statement, the goal is for this system to be able to help people who still lack basic financial services, and gives them the opportunity to send and receive money internationally, in a faster, more affordable and secure way.

“Today, we are beginning to test a pilot version of Novi for a small number of people in the United States and Guatemala. We know that many families depend on the money sent internationally by their loved ones, and these funds are an important contribution to the Guatemalan economy, ”the document says.

Novi is a financial company regulated by Facebook which claims to have strict quality controls, and that its priority is the privacy of users and the protection of their personal data.

To create a Novi account you do not need to be a Facebook member, but if you already have one, the company ensures that the security of the users of the social network will be maintained, or they can choose to open it on the site.

The movement of Novi’s account, as well as transactions, at no time will they appear on Facebook, so it is guaranteed that the communication will be encrypted between who sends the money and who receives.

If you want to close the account, it can be done at any time and hour of the day.

How does Novi work?

– To test Novi, people can download the app from the Apple App Store or Google Play Store. With this pilot version, a limited number of people will be able to access Novi from the start, so some people may be put on a waiting list when they sign up.

– People can enroll in Novi using a valid government-issued ID and add money to their accounts with a debit card. The recipient must also sign up for Novi before the money is sent to them..

– People will find their recipient in their contacts, enter an amount and, if they wish, a personal note, and then they can review the transaction.

En Novi, 1USDP equals US $ 1. People will send USDP, but their recipients can withdraw the money in their local currency. They can keep the money in their Novi balance or withdraw it in cash at a nearby location or transfer it to their bank account. These options vary by country.

Users have Novi Customer Service, available to assist in the app’s chat 24/7, in English and Spanish.

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