Quick Takes: Simon Law’s thoughts on Facebook’s Novi Wallet launch
Novi, the digital wallet created by Facebook, is coming to market. LoginID's CEO, Simon Law, gives his quick take on the launch and the crypto space. LoginID works with crypto exchanges and digital wallets to provide FIDO2 certified strong customer authentication and payment authentication for their users. Fraud prevention has become a priority in the space and LoginID's authentication platform is perfect for protecting your digital wallet.
Novi Wallet Transcript:
Simon Law: My thought is that any of these payments or digital wallet systems is the last mile. It depends on if it is targeted for more advanced payment ecosystems. In the case of transferring to the US or to another more advanced payment ecosystem, then it still needs to convert to a visa or mastercard transaction at the point of sale or some kind of local debit network.
If you look at the digital wallet doing person to person money transfer to a developing country then there’s always the last mile of how to convert that into cash. The concept is great and I think this is the right direction, but I think ultimately at the last mile again that problem needs to be resolved.
I’m curious as to how that evolves and I’m looking forward to seeing how that progresses.