WhatsApp says that the feature will be help bring more people and businesses into the digital economy since its messaging app is used by many people across Brazil.
We’re excited to announce that starting today we’re bringing digital payments to WhatsApp users in Brazil. People will be able to send money securely or make a purchase from a local business without leaving their chat.
The over 10 million small and micro businesses are the heartbeat of Brazil’s communities. It’s become second nature to send a zap to a business to get questions answered. Now in addition to viewing a store’s catalog, 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.
In addition, we’re making sending money to loved ones as easy as sending a message, which could not be more important as people are physically distant from one another. Because payments on WhatsApp are enabled by Facebook Pay, in the future we want to make it possible for people and businesses to use the same card information across Facebook’s family of apps.
The company is leveraging on the easiness and accessibility of its app to drive the use of the WhatsApp payments feature.
WhatsApp is proverbial for its security and that is being extended into the WhatsApp payments feature. Users will need to setup a six digit PIN which will ensure that unauthorized transactions will not be processed.
Currently, WhatsApp payments is only supporting cards from 3 banks only but the company said more partners are open to join the bandwagon.
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.
Sending money or making a purchase on WhatsApp is free for people. Businesses will pay a processing fee to receive customer payments, similar to what they may already pay when accepting a credit card transaction.
Payments on WhatsApp are beginning to roll out to people across Brazil beginning today and we look forward to bringing it to everyone as we go forward.
WhatsApp didn’t reveal if it is planning to release WhatsApp payments globally or to more countries. But I’d like to believe that, it will although it may take some time. Brazil is just a testing group for WhatsApp payments and once they have perfected the feature, other countries like India and other Asian countries will have it.