Banco Bradesco Stock- Facebook relaunches WhatsApp peer to peer payments in Brazil • NFCW
WhatsApp users in Brazil can now send money to friends, family and other contacts by attaching a payment to a chat “just as you would attach a photo or video” and validating the transfer with a PIN or their device’s biometrics functionality.
The WhatsApp payments service is enabled by Facebook Pay and is being relaunched after an initial rollout in June 2020 was blocked a week later by the Brazilian central bank pending an investigation by the monetary authority.
“In addition to reviewing the proposed payments network, the monetary authority also requested the technology giant be labelled as a financial services company in Brazil, prompting Facebook to create a new unit called Facebook Pagamentos do Brasil, which is now regulated by the central bank,” Reuters reports.
“But the central bank has not yet greenlit payments with merchants, which is expected to be a paid service, adding a new line of revenue for WhatsApp.
“[WhatsApp CEO] Matthew Idema said talks with the central bank are still ongoing and Facebook expects the launch of merchant payments to occur this year, declining to comment on whether it will be a paid service.”
At launch the service supports peer-to-peer payments made with Mastercard and Visa debit and prepaid cards issued by Banco do Brasil, Banco Inter, Bradesco, Itaú, Mercado Pago, Next, Nubank, Sicredi and Woop.
Next: Visit the NFCW Expo to find new suppliers and access free resources