On September 1, 2022, Meta’s money-transfer service, which makes use of the business’s own digital wallet, “Novi,” will be discontinued.
The Novi app and Novi on WhatsApp will stop working as of September 1, 2022, the business stated in a statement published on its website today. ” You won’t be able to sign in or use your Novi account after the pilot concludes.”
It urged users to remove their money as quickly as possible by the firm. Additionally, it said, “Please also be aware that you will no longer be able to add money to your account starting July 21, 2022.”
The business will assist customers by moving funds to their relevant bank accounts if they are unable to move cash from their Novi account after it shuts off.
Although the firm will discontinue its digital wallet services, it still has other plans for the technology.
As part of its efforts to “create the metaverse”. Meta will deploy technology “on new items, such as digital collectibles,” according to spokesperson Lauren Dickson in an interview with The Verge.
In order to enter the cryptocurrency remittance market, Meta established Novi in October of last year. Its creation was to help Diem, a cryptocurrency supported by Meta, in its transactions. The regulatory agencies’ push, however, forced Meta to collaborate with Coinbase and adopt the Paxos stablecoin (USDP). Ultimately selling of Diem’s assets was in January of this year.