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 changed ours to Novi, but our mission remains: creating a WorldWideWallet that will make money work better for everyone around the world”.
Novi has also a dedicated website where it is possible to view the interface that the wallet will have.
It looks very easy to use. No public keys or QR codes, to send money it will be enough to simply access one’s contacts address book on the two main Facebook-related apps, WhatsApp and Messenger.
Novi will be both an application directly downloadable from Google Play and Apple Store, but it will also be integrated into WhatsApp and Messenger.
As Mark Zuckerberg said a year ago, the purpose of Libra was to make the transfer of money as easy as sending a photo today. Novi echoes that statement accurately.
How will Libra’s digital wallet work
The Novi wallet will allow adding money that will be converted into Libra to be sent to relatives and friends around the world. Simply select the amount of money to be sent, check the fees, and initiate the transfer. In addition, whenever money is sent, a message can be attached to it. Funds are transferred instantly.
Money can stay in the wallet or be converted into local currency. In addition, Novi can be used for daily transactions whereby Libra will be accepted as a payment method.
During the launch phase, Libra and Novi will only support the exchange with dollars (USD), pounds sterling (GBP), and euros (EURO).
Novi does not specify how much the commission costs could be, but from the interface, it is clear that the fees will be made clear, and indeed the website explains that:
“No surprises. What you send is what you get. You can add, send, receive, and withdraw money from your wallet without worrying about hidden charges”.
Security was Libra’s biggest hurdle, considering Facebook’s track record with the use of user data resulting from the Cambridge Analytica scandal. Novi promises that its customers will be verified through official documents (it will probably be a full-fledged KYC procedure, although it wasn’t specified), will have anti-fraud mechanisms, and in any case, it commits to compensate its users in case of “incidents”.
Finally, Novi guarantees that transaction data will be safe and visible only to the user.
Moreover, in order to use Novi, there is no need to be registered on Facebook. In fact, Novi only requires an official identity document.
In addition to all this, there is a 24-hour customer service.
The website gives fans the opportunity to register in order to be updated and be the first to use the wallet. But, as specified, Novi is still under development.
This is a sign that the Libra project is not heading towards failure at all, despite the changes of plans resulting from the need to comply with industry regulations.