-
Facebook testing remittances through digital wallet app - BBG
-
Remittances are a critical way to achieve financial inclusion. Today, we’re rolling out a small pilot of the @Novi digital wallet app in two countries — the US and Guatemala. People can send and receive money instantly, securely, and with no fees. 1/8
— David Marcus (@davidmarcus) October 19, 2021
-
We’re doing a pilot to test core feature functions, and our operational capabilities in customer care and compliance. We’re also hopeful this will demonstrate a new stablecoin use case (as a payments instrument) beyond how they are typically used today. 2/8
— David Marcus (@davidmarcus) October 19, 2021
-
The - remittance corridor is an important one. In Guatemala, 56% of people lack access to financial services, despite nearly 100% having mobile phones. Money sent from family & friends abroad contributes more than 14% of GDP and 90% of those remittances come from the US. 3/8
— David Marcus (@davidmarcus) October 19, 2021
-
The Novi pilot uses USDP (Pax Dollar) through partnerships with @Paxos and @Coinbase. USDP is a well-designed stablecoin that’s been operating successfully for over three years and has important regulatory and consumer protection attributes. 4/8
— David Marcus (@davidmarcus) October 19, 2021