Meta with its Novi Financial application may allow customers on WhatsApp to send payments via digital currencies globally. They are currently running a pilot for it.
What does this mean? Well, Meta, with its ecosystem will have the capability to do the following :
- Allow customers to send #digitalcurrencies across countries (they are testing a USD-based #stablecoins Pax Dollar, I won’t be surprised if #cryptocurrencies and #cdbc are used as well in the future).
- Payment transfer will happen instantly, and securely without any fee.
- Most likely customers will have a way to store these #digitalcurrencies in the Meta ecosystem via some sort of #wallet. Coinbase is part of the value chain at this stage.
- With critical mass, which Meta already commands, they are in a position to decide the how #money is defined and what is the preferred currency in their world #metaverse. This in all likelihood will be based on #defi, without much control of the governments.
- Businesses and #consumers of all sorts are already moving into the #metaverse, so a huge #networkeffect is already in play and the adoption of #web3 will be a catalyst.
- The services that would be offered will most probably, extend beyond payments and include #lending, #investmentmanagement, #insurance among other financial services.
- In all likelihood frauds and securities issues will increase, but of course, that will not stop the adoption.
This has all the ingredients of a major revolution, Meta will be a major player in the financial services ecosystem across the globe and probably the flagbearer of #defi with huge adoption rates. Looking forward to the new world order.