Cryptocurrencies on WhatsApp: a new way to pay

Meta has become one of the companies that has given the most talk in recent months. In essence, announcing the implementation of cryptocurrencies on WhatsApp has been one of the most interesting news.

This platform that connects us all equally, for more than 10 years has become the basis of interpersonal relationships. And, now, it is focused on serving us as a payment method.

There are hundreds of questions around this new objective of the most widely used messaging application worldwide. Therefore, we want to clarify the most important ones.

How will cryptocurrencies work on WhatsApp?

First of all, it is necessary to talk a little about the wallet that will host the cryptocurrencies and govern the transactions. Meta has decided to use Novi for this project, the digital wallet owned by the company and linked to Pax Dollars.

Pax Dollars is the name given to a cryptocurrency pegged to the US dollar. Now, from the application there will be a quick access to the wallet from where it will be easy to send money to any contact that uses Novi.

Will it be safe to make transfers through this application?

Meta has considered all the aspects to give life to this project, being security one of the most elaborated. Although the payment security system is not perfectly known, in recent updates the app has gained a lot in this territory.

For its part, biometric identification has been included and it is considered that it could be the tool that secures transactions.

In general, sending cryptocurrencies on WhatsApp is a project under development and with certain elements still under study.

Therefore, it is difficult to determine if there will be any change in the identification system at the time of making payments. Consider that a telephone verification is already required to open the account and password to enter the application.

How would the payments be sent?

The comments of the presidents of WhatsApp and Novi through their Twitter accounts have hinted at what the shipping process would be like. I would start from the app directly, tapping on the famous "clip" to select between documents, images and other elements.

Right there the button to make transfers would be located. Therefore, with a touch a menu would be expanded where it would only be necessary to establish the amount of money to send.

The need to indicate the data of who will receive the money would be eliminated, since it would be done directly to the contact with whom you are speaking. This would make it much more practical to send money to family, friends and companies, one of the main objectives of including cryptocurrencies in WhatsApp.

Indeed, the trial version has shown that it can be quite easy to complete the process and that there will be no problems in its use.

When will this option be available?

This is where many get a little discouraged, as it is a modality that is still in testing. Currently, exclusively the United States enjoys this payment system, being also the operating environment of Novi.

Even so, it is estimated that before the end of 2022 the expansion of this option will begin in the rest of the world. Therefore, Europe seems to be Meta's next target to start broadening its horizons.

However, it is difficult to estimate a date for the worldwide launch of cryptocurrencies on WhatsApp. However, it is surely in Meta's plans to do it before the Metaverse begins to popularize, as it would be a perfect complement to this.