Facebook renames Calibra digital wallet as Novi

Facebook announced the new name of Novi for its digital payments wallet. Plans for the wallet were first announced almost a year ago under the name Calibra. The digital wallet will be used to transact in Facebook's planned virtual currency Libra. 

The company said only the name has changed, while the project remains the same: to help people around the world access affordable financial services. Facebook promises to make sending money "as easy as sending a message". The name Novi comes from the Latin words 'novus' for 'new' and 'via' for 'way', as in a new way to send money. 

Novi will not require a Facebook account and can be used as a standalone app. It will also be integrated in the Facebook, Messenger and WhatsApp apps. Government-issued ID will be used to verify users, and fraud protections integrated in the app, while chat-based customer support will be available 24-7, Facebook said. Customers will be able to convert the blockchain-based Libra currency to their local currency through Novi, starting initially with major currencies such as the US dollar, euro and British pound.  

No launch date for Novi was provided. Facebook said it hopes to introduce an early version of Novi when the Libra network is available; Libra is still going through regulatory controls. Novi will roll out in an initial set of countries, with cross-border money transfers and "no hidden fees", Facebook said. Interested users can sign up already on the Novi website.