The Libra’s digital wallet will be called Novi. The now ex Calibra announced it with a tweet.
What’s in a name? We changed ours to Novi, but our mission remains: creating a #WorldWideWallet that will make money work better for everyone around the world. Check out what we’re up to https://t.co/cijCPqVXPs pic.twitter.com/J80nXvjQtN
– Novi (@novi) May 26, 2020
“We have changed our name but not our mission: to create a WorldWideWallet that makes money work better all over the world”
Novi also has a dedicated website where you can admire the interface that the wallet will have.
Apparently it also seems very easy to use. No public keys or QR codes to send money just access your contact list on the two main Facebook-related apps, Whatsapp and Messenger.
Novi will in fact be both an application directly downloadable from Google Play and Apple Storand, but it will also be integrated into Whatsapp and Messenger.
As Mark Zuckerberg had said now a year ago, Libra’s aim was to make the exchange of money as easy as exchanging a photo today. Novi exactly reflects that phrase.
How Libra’s digital wallet will work
Novi wallet will allow you to add money that will be converted to Libra to be sent to relatives, friends and recipients around the world. Just select the amount of the amount to be sent, check the commission costs, and start the transfer. In addition, each sending of money can be accompanied by a message. The money is transferred instantly.
The money can either remain in the wallet or be converted into local currency. In addition, Novi can be used to pay in Libra in everyday transactions, where Libra will be accepted as a payment method.
During the launch, Libra and Novi will only support the exchange with dollar (USD) GBP English (GBP), ed EUR (EUR).
Novi does not indicate how much the commission costs could amount, but from the interface it is clear that the fees will be well explained, and in fact on the website it is explained that:
No surprises, what you send is what will come. You can add, send, receive, withdraw money from the wallet without worrying about hidden costs.
Security was known to be Libra’s sore point, given Facebook’s precedents with the use of user data that emerged from the Cambridge Analytica scandal. Novi promises that its customers will be verified through official documents (it will probably be a procedure KYC to all intents and purposes, even if it is never made explicit), will have anti-fraud devices, and in any case undertakes to rpay its users in case of “accidents”.
Finally, Novi ensures that the transaction data will be safe and visible only to the user.
Also, to use Novi, no need to be registered on Facebook. Novi in fact requires only an official identity document.
To all this is added an H24 operating customer service.
The site gives fans the opportunity to register to be updated and be the first to use the wallet. But, it is specified, Novi is still under construction.
It is the signal that the Libra project is not heading towards failure at all, despite the change of plans due to the need to adapt to sector regulations.