Facebook Discloses Digital Wallet Plans

Facebook Inc FB executive David Marcus announced the impending launch of Novi, the company's digital wallet, to tap into unbanked consumers and growing digitization due to the pandemic.

• Facebook will integrate the digital currency wallet into Facebook apps.
• The company aims to offer domestic and international payments free of cost with cheaper merchant payments to businesses.
• Marcus also defended stablecoins and their wallets, citing more efficient detection of illegal activities than the traditional financial system.
• Marcus added that stablecoins held 1:1 reserves in cash at U.S. banks and very short-term Treasuries for better consumer protections.
• He also defended Facebook's digital currency plans.
• PayPal Holdings Inc PYPL and Fiserv Inc FISV just partnered to facilitate direct paycheck remittance to Venmo wallet.
• Paysafe PSFE recently agreed to acquire payments platform SafetyPay.
• FB Price Action: Facebook shares were down 0.4% at $357.01 at last check Wednesday.