— Gadgets

WhatsApp payments get approved by Brazil’s central bank

1 Mins read

WhatsApp will soon be able to relaunch its payment service in Brazil. According to Reuters, the country’s central bank has approved peer-to-peer payments for the Facebook-owned messaging service, allowing users to send money to each other with cards issued by Visa and Mastercard. WhatsApp initially rolled out the prices feature in its second-largest market back in June 2020. Still, Brazil’s central bank quickly ordered the service to suspend it so it could look into whether it meets all the rules on “competition, efficiency and data privacy.” The banking authority also said that the service failed to obtain the necessary licenses.

WhatsApp tried to avoid being categorized as a financial services company by relying on Visa’s and Mastercard’s existing bank licenses. That didn’t work, though: The central bank told both payment processors to stop money transfer activities through WhatsApp if they didn’t want to face fines. WhatsApp had to seek regulatory approval to process payments, and Visa and Mastercard had to secure new permits to operate with the messaging service.

The payment feature doesn’t have a rollout date yet, but a spokesperson said it’s “making the final preparations to have payments on WhatsApp available in Brazil as soon as possible.” Even after it becomes available, though, users won’t be able to make purchases with it. WhatsApp initially launched the feature so local merchants can easily accept digital payments since local businesses in Brazil and India have been using it as their primary online presence. That won’t be possible when the feature first becomes available, but Reuters says Facebook seeks merchant payments approval.

683 posts

About author
Tristan McCue is a 26-year-old junior programmer who enjoys reading, binge-watching boxed sets, and appearing in the background on TV. He is smart and friendly, but can also be very evil and a bit lazy.He is an Australian Christian. He has a post-graduate degree in computing.
Articles
Related posts
— Gadgets

How to Connect a Canon Pixma to WiFi

4 Mins read
As WiFi becomes more and more popular, Canon has made it easier to connect their Pixma printers to the internet. This allows…
— Gadgets

Buy the Waterproof Switch Online, No Hidden Charges

4 Mins read
The Waterproof Switch allows you to turn lights on and off remotely, control your home or office equipment with two switches, use…
— Gadgets

HBO Max and Discovery+ might merge into a single platform

1 Mins read
In May, AT&T spun off its WarnerMedia division and merged it with Discovery in a $43 billion agreement. The deal is on…
Get All Latest Blog Direct In Your Website

Leave a Reply

Your email address will not be published.