Meta Planning To Wind Up Novi Wallet After Ten Month Pilot

Meta’s wallet pilot Novi is set to end in the month of September, with the announcement coming days after Facebook’s CEO Mark Zuckerberg touts Meta Pay on Facebook.

Novi’s website landing page has been overhauled to inform pilot users that the platform will be decommissioned on 1st September. This ends an 8-month-long trial project that witnessed users based in the U.S. and Guatemala participate in a pilot of the digital asset-powered payment platform.

The platform’s users are directed to withdraw the remaining funds from their respective Novi wallets to their linked bank accounts. Furthermore, Guatemalan users can withdraw holdings in cash at a select site in Guatemala City.

The users are also advised to download their account information before the closure date, including transactions and activity on their accounts. From 1st September, users will no longer be able to log into their wallets. Deposits to Novi wallets will also be discontinued from 21st July.

The approaching end of the Novi pilot comes on the heels of Zuckerberg announcing the change of Facebook Pay to Meta Pay on his Facebook profile on 22nd June.

The social network giant’s efforts to integrate digital assets and stablecoins into its ecosystem have been an onerous journey. Facebook’s parent company rebranded to Meta, while the Diem ecosystem also underwent its own rebranding fiasco from Libra following stupendous pushback from regulators around the globe.