Facebook Discloses Digital Wallet Plans

Benzinga2021-08-19

Facebook Inc (NASDAQ: FB) executive David Marcus announced the impending launch of Novi, the company's digital wallet, to tap into unbanked consumers and growing digitization due to the pandemic.

  • Facebook will integrate the digital currency wallet into Facebook apps.
  • The company aims to offer domestic and international payments free of cost with cheaper merchant payments to businesses.
  • Marcus also defended stablecoins and their wallets, citing more efficient detection of illegal activities than the traditional financial system.
  • Marcus added that stablecoins held 1:1 reserves in cash at U.S. banks and very short-term Treasuries for better consumer protections.
  • He also defended Facebook's digital currency plans.
  • PayPal Holdings Inc (NASDAQ: PYPL) and Fiserv Inc (NASDAQ: FISV) just partnered to facilitate direct paycheck remittance to Venmo wallet.
  • Paysafe (NYSE: PSFE) recently agreed to acquire payments platform SafetyPay.
  • FB Price Action: Facebook shares were down 0.8% at $355.45 at last check Wednesday.
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