Facebook Sets to Launch Digital Wallet Novi

Fazzaco learned that Facebook, the social networking giant, is ready to launch its digital wallet, Novi, which will be integrated into Facebook apps.

According to David Marcus, co-creator and a board member of Diem, a cryptocurrency project initiated by Facebook, the wallet would offer free person-to-person payments both domestically and internationally. 

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He also said that Facebook would be able to offer “cheaper merchant payments to businesses” through Novi while still making a profit on merchant services, once it had a “meaningful customer base”. 

Facebook declined to give more details on the precise timing of a launch, and which coin or coins the wallet might hold.

As Fazzaco reported earlier, Facebook has planned to launch payments system Facebook Pay for online retailers and e-commerce platforms​ in August.