“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.” Novi said in a statement.
Novi also provided a little insight into how the product will work. The digital wallet will operate as a standalone app, as well as providing interoperability with Facebook’s social messaging apps Messenger and WhatsApp. Aimed to make sending funds to friends or family as “easy as sending a message,” transactions with Novi will arrive instantly, according to the announcement, and will contain no “hidden charges.” Novi didn’t offer any detail on what any standard transaction fees might be.
All Novi customers will need to be verified using government-issued ID, while “fraud protections” will come baked in. The wallet will initially be rolled out to a limited number of countries. Moreover, the wallet and future financial services for the project will now be operated by a new entity, Novi Financial – a Facebook subsidiary that, it said, will operate independently from the social media giant at its Menlo Park, California, headquarters.