Financial technology (or fintech) is one of the fastest-growing industries in the world and Facebook just launched a new WhatsApp digital payments feature for users in Brazil. See details on how WhatsApp digital payments work.
With over 10 million small and micro businesses in Brazil, WhatsApp aims to make payments simpler with this new feature. In a blog post, the Facebook-owned company said:
“Making payments simple can help bring more businesses into the digital economy, opening up new opportunities for growth.”
This payment feature will be available to all WhatsApp users in Brazil, whether they own businesses or not. However, while other users can send and make purchases for free on WhatsApp, businesses will have to pay a ‘processing fee’.
Here are other important details about WhatsApp digital payments:
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— As mentioned already, businesses will pay to receive customers’ payments.
— WhatsApp payments will have a special six-digit PIN or fingerprint requirement to block unauthorised transactions.
— It supports debit or credit cards from Banco do Brasil, Nubank, and Sicredi on the Visa and Mastercard networks.
— Cielo, the leading payments processor in Brazil, is partnering with WhatsApp on this innovation.
— WhatsApp payments are enabled via Facebook Pay.
— This digital payments in Brazil became available today, 15th June 2020.
— WhatsApp says it plans to roll out its new payment gateway for people in other locations as well soon.
Announcing this feature, via a Tweet from its official Twitter page, the company said:
WhatsApp users in Brazil can now send money to friends and family or pay a business right from your chat 💸💸💸 pic.twitter.com/BwrcCq9CJW
— WhatsApp Inc. (@WhatsApp) June 15, 2020
The announcement received positive reactions with many people inquiring when it would be getting to other regions. For now, WhatsApp has not provided a date for launching its digital payment platforms outside Brazil.
How to set up WhatsApp digital payments:
If you want to set up your WhatsApp digital payment, click on this link. Note that you have to be in Brazil to use it for now.
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