Facebook is unifying all its financial and payment services under Novi as it has gone through a major rebranding to accommodate its new visions in its brand.
On Thursday, October 28, at Connect 21 virtual conference, CEO Mark Zuckerberg announced that Facebook had rebranded to Meta, which aimed to bring together its apps and technologies under one new company brand. This rebranding is an effort to get into the business of VR and AR as the new name reflects its focus on creating a 3-D virtual world known as the Metaverse.
Today we're introducing Meta, which brings together our apps and technologies under a new company brand. Learn more about how we’re helping build the metaverse and other news from Connect. https://t.co/6s3GKjWq4S
— Meta Newsroom (@MetaNewsroom) October 28, 2021
Under Meta, the company will operate in two segments: Family of Apps and Reality Labs. The former will focus on apps like Facebook, Instagram, and WhatsApp, and the latter will focus on building a Metaverse. Reality Labs is the part that according to some people, will also work on Facebook intentions to enter the non-fungible token (NFT) space that was hinted by David Marcus in August 2021.
But that’s not all. To focus on its payment and financial services, David Marcus, head of Facebook’s F2 (Facebook Financial), has also announced a major restructuring. According to this restructuring, the company is unifying all its payment and financial services under the Novi brand. David Marcus said:
We've been in the business of facilitating payments across our apps for over a decade, and we've processed over $100B in the last 12 months across our products. 2/7
— David Marcus (@davidmarcus) October 28, 2021
“Today with Facebook becoming Meta, we’re unifying our payments and financial services unit and products under the @Novi brand.”
Novi, also a rebranded name from Calibra, is a cryptocurrency payment-focused wallet that, as Crypto Economy reported, has recently been rolled out in a “small pilot” program in Guatemala and the US with NASDAQ-listed cryptocurrency exchange Coinbase as custodian partner and initially supporting Paxos Dollar (USDP).
So Novi is the perfect brand to unify all its payment services and that’s what Facebook is doing. Currently, Facebook is providing a P2P payment service through Messenger, called Facebook Pay, to the US users and a payments service in WhatsApp to Brazil and Indian users. According to Marcus, the company is facilitating payments across its apps for over a decade and has processed over $100B in the last 12 months across its products.
Novi Wallet is now the third payment service provided by the company. In the latest restructuring, the company is bringing its payment services provided through Facebook Pay, Whatsapp, and Novi Wallet under the umbrella of Novi. Furthermore, F2 (Facebook Financial) name has also been changed to Novi. Marcus wrote:
Some of these products are branded Facebook Pay, some are unbranded, and our wallet operates under the Novi brand. So over time, we will unify all existing and future payments and financial services experiences under the Novi brand. 4/7
— David Marcus (@davidmarcus) October 28, 2021
“Some of these products are branded Facebook Pay, some are unbranded, and our wallet operates under the Novi brand. So over time, we will unify all existing and future payments and financial services experiences under the Novi brand.”
