Whatsapp makes sending money to loved ones as easy as sending a message in Brazil
Social communications app by Facebook, Whatsapp has announced that it is bringing digital payments to WhatsApp users in Brazil. People will be able to send money securely or make a purchase from a local business without leaving their chat.
The over 10 million small and micro-businesses are the heartbeat of Brazil’s communities. It’s become second nature to send a zap to a business to get questions answered. Now, in addition to viewing a store’s catalogue, customers will be able to send payments for products as well. Making payments simple can help bring more businesses into the digital economy, opening up new opportunities for growth.
In addition, Whatsapp is making sending money to loved ones as easy as sending a message, which could not be more important as people are physically distant from one another. Because payments on WhatsApp are enabled by Facebook Pay, in the future, Whatsapp wants to make it possible for people and businesses to use the same card information across Facebook’s family of apps.
Whatsapp has built payments with security in mind and a special six-digit PIN or fingerprint will be required to prevent unauthorised transactions. To start, the mobile application will support debit or credit cards from Banco do Brasil, Nubank, and Sicredi on the Visa and Mastercard networks – and are working with Cielo, the leading payments processor in Brazil. The mobile application has built an open model to welcome more partners in the future.
Sending money or making a purchase on WhatsApp is free for people. Businesses will pay a processing fee to receive customer payments, similar to what they may already pay when accepting a credit card transaction.
Payments on WhatsApp are beginning to roll out to people across Brazil and Whatsapp looks forward to bringing it to everyone as they move forward.