Meta digital wallet play Novi to be scrapped - Mobile World Live

Meta digital wallet play Novi to be scrapped

04 JUL 2022

Meta Platforms-owned digital wallet service Novi revealed the pilot project would be discontinued at the start of September, with users told to withdraw funds by then.

Novi is a cash transfer app, with the brand also used to move funds through its parent company’s WhatsApp messaging platform. The pilot project covering both methods is set to end, with users unable to add new funds into the system after 21 July.

On the wallet’s consumer website, it advised users to withdraw funds adding it would “attempt” to transfer any remaining cash to linked bank accounts when the service ends.

Novi is the rebranded Calibra wallet, which had been launched as part of a wider financial play that included controversial cryptocurrency project Libra. Its services were at the pilot stage and available to selected users in Guatemala and the US.

The company launched the Novi brand in 2020 and moved to provide WhatsApp payments to a limited audience in late 2021.

Bloomberg noted the decline of Novi followed the demise of Diem, the rebranded Libra project, but cited comments from a Meta Platforms representative highlighting this may not be the end of its foray into digital wallets and use of blockchain technology.



Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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