In order to enable WhatsApp users to be able to send money securely or make a purchase from a local business without leaving their chat, the Facebook-owned instant messaging app has now introduced digital payments to its users in Brazil.
Asserting that more than 10 million small and micro businesses are the heartbeat of Brazil’s communities, a blogpost by WhatsApp revealed, “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.”
Besides this, WhatsApp also announced that it’s making sending money to loved ones as easy as sending a message. This step was much need as people are physically distant from one another. It must be noted that payments on WhatsApp are enabled by Facebook Pay. It was notified that there is a possibility for people and businesses to use the same card information across Facebook’s family of apps in the times ahead.
According to the blog post by WhatsApp, “We have built payments with security in mind and a special six digit PIN or fingerprint will be required to prevent unauthorized transactions. To start, we will support debit or credit cards from Banco do Brasil, Nubank, and Sicredi on the Visa and Mastercard networks – and we are working with Cielo, the leading payments processor in Brazil. We have built an open model to welcome more partners in the future.”
While sending money or making a purchase on WhatsApp is free for people, businesses need to pay a processing fee to receive customer payments, revealed the official blog post. This would be similar to the amount businesses would already pay while accepting a credit card transaction.
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