- Novi was inspired by the Latin words “novus” for “new” and “via” for “way”;
- The company hopes to introduce an early version of Novi when the Libra network is available.
Facebook changed again its digital currency project. Calibra, its digital wallet, is now called Novi. In a blog post, the big tech said that “while we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services”.
According to Facebook, Novi was inspired by the Latin words “novus” for “new” and “via” for “way”, as it’s a new way to send money. The social media network says that with the novelty, sending money will be as easy as sending a message. “You’ll be able to use Novi as a stand-alone app, as well as in Messenger and WhatsApp. There will be no hidden charges to add, send, receive or withdraw money and your transfers will arrive instantly.”
Facebook also reported that all Novi customers will be verified using government-issued ID, and fraud protections will be built in throughout the app. The company hopes to introduce an early version of Novi when the Libra network is available. It said it will roll it out in an initial set of countries, with features that will make cross-border money transfers instant, secure, and with no hidden fees.
Since the launch of its digital wallet, Facebook’s initial idea for the currency project has been changed. Several companies, such as Visa and PayPal, left the project after regulators pressed the big tech. In a recent change, the digital wallet has extended its support not only to its currency, but also to dollar, euro and the British pound.