How to Use Facebook Novi Wallet

How to Use Novi Wallet

Facebook finally decided to launch its pilot program of cryptocurrency-based wallets and they named it Novi. Only a bunch of people in the United States and Guatemala can sign up and use Novi for now. Let us take you through this step-by-step guide so that you can understand how to use Facebook Novi.

 

What is Novi Wallet

Novi is a digital wallet for Libra. Inspired by Latin words “Novus” for new and “via” for way. So Facebook is using this Wallet as a new way to send and receive money.

 

With Novi, Facebook’s ambitions are to make money transactions easy, fast, and secure. They have also claimed that there will be no hidden charges if you use Novi to send or receive money.

You can use Novi as a stand-alone app to do the transactions or use messenger or WhatsApp to send money to your friends and family. It will be as simple as sending messages.

According to Facebook’s David Marcus, the head of F2 (Facebook Financial), the pilot is meant to “test core feature functions, and operational capabilities in customer care and compliance,” in addition to trying to demonstrate a viable use of stablecoins for payments”

Novi is basically considered a custodial wallet which means it does not require you to remember long complicated passwords. It is simple and easy to use. All you need is a simple username or password. Or may not even that.

 

What is a Digital Wallet

Let us dive deeper into it because you need to understand the basics so that you know where are you keeping your money.

A digital wallet is like a wallet that we keep in our pockets every day, it’s just digital. So we store digital currency in it. If we look around we are basically surrounded by digital wallets, and Novi is not different from them at least in many aspects. Examples of digital wallets include Google pay, Apple pay, PayPal, and many more.

How Novi is different than other digital wallets? The answer relies on its crypto capabilities. So whenever someone creates a new wallet, it receives a unique address on the blockchain and the encryption keys to access those transactions.

Digital wallets and crypto wallets do a quite similar job but the difference is that a crypto wallet can also allow you to access cryptocurrencies, such as Diem and other stablecoins.

 

How to Create Novi Wallet Account

Facebook has launched its new wallet today and to use it we have listed a few simple steps on How to Use Facebook Novi Wallet and create an account below.

 

1- Download Facebook Novi from Google play store or app store.

2- Run the app

3- Sign Up using your phone number

4- Your account will be approved or you may be put on the waiting list. (That’s because the wallet has just been launched and is in the testing phase)

5- Verify your government-issued ID.

6- Connect your Bank account.

7. Once approved you are all set to send or receive money.

 

How to use Novi Wallet

After creating your wallet you can now start using your Novi app. There will be no currency in you Novi wallet so you have to add it first. You can do it by transferring money from your bank account to your Novi digital wallet. Let’s say you transfer $100, you will be able to see 100 diem currency in your Novi account so 1 USD is equal to 1 Diem in Novi.

If someone receives Diem he can simply keep them in his Novi Wallet or just get them withdrawn through his bank account.

Also, Check How to Cross-Post Facebook Posts to Instagram

 

How Safe is Novi Wallet

Facebook is really boasting about the safety and security of its wallet. They will verify your Government-issued Identity before you can actually transfer money.

You will also be asked for a video selfie to match the documents that you have submitted, as proof of your identity and as well as to prevent any fraud.

Novi also has anti-fraud protections that are efficient enough to detect any suspicious behavior or activity. Facebook has also appointed teams of professionals to monitor the activities and investigate customers’ complaints. They also promise a full refund to your Novi account if the transaction is compromised. They do have a refund policy that you should read first.

Novi has a two-step verification method to further secure your transaction. They also keep your personal data safe and secure. Novi complies with all the rules and regulations in place by Law to ensure the data protection of its users.

Where can I use Novi Wallet

Novi pilot program is currently available in two countries only. If you are in the United States or in Guatemala you can access this program now. And enjoy the easiest way of money transfer.

Facebook is trying to revolutionize the way we do transactions, let’s see if they get successful. Let us know your experience with Diem and Novi in the comments.

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