Benzinga | Aug 18, 2021 03:32PM EDT

Facebook Discloses Digital Wallet Plans

Facebook Inc (NASDAQ: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 (NASDAQ:PYPL) and Fiserv Inc (NASDAQ:FISV) just partnered to facilitate direct paycheck remittance to Venmo wallet.

* Paysafe (NYSE:PSFE) recently agreed to acquire payments platform SafetyPay.

* FB Price Action: Facebook shares were down 0.4% at $357.01 at last check Wednesday.