Market Analysis

Facebook’s Global Payments App Has Serious Flaws – Rebranded As Novi.

Earlier today on Wednesday, Facebook revealed that its worldwide payments system is seriously flawed which the social media giant can fix.

“Change is long overdue,” Facebook’s David Marcus outlined within an official web blog post.

Marcus, the earlier PayPal chief hired in 2018 to steer Facebook’s blockchain efforts, added that Novi, the digital wallet subsidiary he oversees, is “ready to return to the market.”

“We feel that it’s unreasonable to delay delivering the advantages of cheaper, interoperable, more accessible digital payments,” he explained.

The official web blog post follows reports of increased headwinds faced by the Facebook-initiated stablecoin project. After a grand revelation earlier in June 2019, Libra saw a gauntlet of resistance from global regulators. The project was rebranded as Diem earlier in December last year and is yet to launch.

Solely offering fiat currency within Novi would still offer value, Marcus added, though he outlined: “I strongly believe if there was ever an opportunity to make an open, interoperable protocol for money on the web and truly change the game for people and businesses around the world, it is now.”

Marcus outlined that Facebook has secured licenses and approvals for Novi in nearly every state within the United States, and added, “we won’t launch anywhere we’ve not yet received such clearances.”

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