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What is the Novi Wallet

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The Novi wallet is a digital wallet designed by Facebook. It allows users to easily send and receive money in Diem digital currency. The Novi wallet works like any other digital wallet that digitally stores your account’s private keys and protects your digital tokens. Digital wallets are the most secure way to access your crypto funds as well as approve transactions. 

The difference is that Facebook designed Novi to make financial transactions as easy as sending a message. It can be used as a standalone app or through applications like Facebook Messenger and WhatsApp. 

Key Takeaways

  • A digital wallet is used to store and secure cryptocurrencies.
  • Novi is a digital wallet that can be used to send and receive Diems.
  • Anyone can get a Novi wallet by opening an account with a verified ID.
  • Transfers made through Novi wallet are free-of-charge and instantaneous. 
  • Using Novi is safe and secure thanks to built-in fraud protection. 

 

What is a Digital Wallet?

A digital wallet stores your wallet’s private keys and protects your cryptocurrencies from fraud and theft. It’s an essential tool for easily using and exchanging cryptocurrencies. Some prominent examples of digital wallets are Google Pay, Apple Pay, and more recently, Novi. These digital wallets interact with the blockchain on your behalf to both make and approve requests for financial transactions.

A quick way to understand how a digital wallet works is to think of it like a physical wallet. Think of all the things you can do with a physical wallet.

  • Store money safely.
  • Safeguard credit cards.
  • Organize payment receipts.
  • Access important identification.
  • Store loyalty cards and coupons.

In a majority of cases, a digital wallet can do all these things too –– the only difference is that it’s fully digital. Like any wallet, the primary purpose of a digital wallet is to keep your private keys, currencies, and important assets stored safely.

Unlike a physical wallet though, digital wallets can also hold cryptocurrencies like Bitcoin, Diem or Ethereum. In many cases, digital wallets can hold a wide range of currencies at once, including local currencies and crypto coins.

Since a digital wallet is accessed online, you can use it to make payments digitally and even in some physical stores. Digital wallets make it easy to transfer money and pay for goods online since you don’t have to manually enter your bank details every time you make a purchase. Simply scan, tap and approve!

 

Introduction to the Novi Wallet

Novi is a digital wallet created by Facebook that can be used to send money to friends and family both locally and abroad. Using the Novi wallet is a quick and easy way to store digital money and make financial transactions. Its main purpose is to facilitate transactions using the Diem cryptocurrency, but it can also hold other cryptocurrencies. 

Since one of the aims of Facebook’s Novi is to improve financial inclusivity, anyone can open a Novi account. To get a Novi wallet, you’ll just need to verify your identity by providing a form of government-issued ID such as your passport or driver's license. Not only does the Novi wallet have built-in fraud protection, but Diem itself is a stable cryptocurrency backed with cash equivalents in the Diem Reserve. 

See also: FAQ About the Diem Dollar

 

How to Use Novi

After first opening a Novi account, your Novi wallet will be empty. The first thing you’ll need to do is add money to your wallet. Novi users can do this in a number of ways, including transferring money directly from their bank account. Once the money arrives in a Novi wallet, it’s automatically converted into Diem currency. For example, if you add 100 USD to your Novi wallet, you will see 100 Diem Dollars in your wallet.

Before transferring Diems, you’ll be able to review the fee and exchange rate before the payment is approved. Users will also have the option to add a short message to send to the receiver. Once approved, Diem transactions are processed within a matter of seconds and the receiver can expect to see it in their account almost instantaneously.

If you receive money through Novi, you can decide to store the Diems in your digital Novi wallet or to withdraw them into your bank account. If you withdraw Diem Dollars into your bank account, they’ll automatically be converted to USD. If someone receives a remittance from abroad, they may be required to convert it into their local currency.

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