With the new feature, anyone in Brazil can use WhatsApp to buy goods or send money to friends and family. Customers complete payments with debit and credit cards and encrypted with a pay PIN or fingerprint. Currently, the only banks connected to the platform are Banco do Brasil, Nubank, and Sicredi.
Facebook Pay is currently active in 40 countries across the world, though mainly limited to the main Facebook app. In the US, payments are possible through the Facebook Messenger app, and Brazil is the first market for WhatsApp payments. The company plans to launch WhatsApp payments in more countries in the future.
With over 2 billion users worldwide, WhatsApp is one of the world’s most popular social networking apps. The new payment feature is part of an attempt by Facebook to monetize the messaging app by charging businesses processing fees of around 4% for completing transactions on the app.
Companies wishing to operate through WhatsApp will have to create a WhatsApp Business account, another extension to the app by Facebook.
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