Brazil Finally Allows WhatsApp Pay

Brazil Finally Allows WhatsApp Pay

Technology-Portfolio.Net - WhatsApp has re-launched the WhatsApp Pay payment service in Brazil. The payment service WhatsApp Pay was suspended by Brazil's Central Bank in June 2020, just days after its launch.

Facebook CEO, Mark Zuckerberg, announced the return of this payment service in a video that was shown in Brazil.

In the video, Mark Zuckerberg talks about how payment information added to WhatsApp will work on Facebook and Instagram.

According to the Head of Facebook Financial, David Marcus, "the payment service WhatsApp Pay being rolled back in Brazil will be part of a phased rollout effort."

It seems that Facebook is serious about returning the WhatsApp Pay service to Brazil, one of which can be seen from the video uploaded to promote the payment service.

Not only that, Facebook also published a page stating that the Facebook Pay payment system that underlies WhatsApp Pay has been authorized by the Central Bank.

When the WhatsApp Pay service was first launched in Brazil, the country's central bank suspended operations. The reason is, there are concerns about competition among payment systems.

Brazil's Central Bank said it plans to evaluate whether the Facebook-owned service complies with regulations.

At the time, Facebook said it had been in contact with authorities before the WhatsApp Pay service was launched.

In late March 2021, Reuters reported, Brazil's Central Bank had approved the service, after Facebook obtained official approval to run the payments service.

In a Facebook press release, WhatsApp users will be able to connect debit, prepaid, or combo cards from several banks that work together to process their payments.

Previously on June 15, 2020, the WhatsApp Pay service officially operated in Brazil. This was conveyed by Facebook boss Mark Zuckerberg through his personal page. Brazil became the first country where WhatsApp Pay was widely launched.

"Brazil became the first country in the world where we launched a payment service on WhatsApp," Zuckerberg said.

He said that with the presence of the payment service WhatsApp Pay in Brazil, users could send and receive money as easily as sending photos.

WhatsApp Pay, according to Zuckerberg, is also claimed to make it easier for small businesses to make financial transactions through the messaging application.

"To enable transactions, we developed Facebook Pay which provides a secure and consistent way to transact across our app platforms," ​​Zuckerberg said.

For your information, Zuckerberg also said, WhatsApp Pay can run thanks to collaboration with a number of local bank partners. They include Banco do Brasil, Nubank, Sicredi, and Cielo, merchant payment processors in Brazil.


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