FinTech: WhatsApp Gets Brazil’s Nod For Payments To Small Businesses
WhatsApp users in Brazil can now make payments to merchants from within the app.
Guilherme Horn, PhD, Head of WhatsApp, Latin America, announced that Brazil’s Central Bank has authorized the launch of the payment service for small and medium-sized enterprises through WhatsApp.
“This is a joyous occasion for us, and we are thrilled to share this news with everyone,” he said in a LinkedIn post.
“We built an open platform with the participation of several Brazilian acquirers to ensure that the greatest possible number of companies and individuals have access to the service. This is important because we believe that paying people to businesses via WhatsApp will have a big impact for everyone, bringing ease and simplicity to users while helping small and medium-sized businesses increase their sales.”
Horn confirmed that the company had completed all the necessary regulatory steps and was currently conducting tests with partners such as Cielo, Fiserv, Getnet Brasil, Mercado Pago, and Rede.
“WhatsApp users will soon be able to pay for products and services directly in a conversation with Mastercard and Visa debit and credit cards. We are excited about the potential impact that this service will have on everyone, and we hope to share more updates with you soon.”
According to Reuters, the approval for the service by the central bank is timely, given that Meta (NASDAQ: META), which owns WhatsApp, is assailed by a slowdown in its advertising business.
A key focus area for the company is to expand its business messaging service in Brazil, though individual WhatsApp users in the country could send money to friends, family and loved ones through the app in 2020.
Meta CEO Mark Zuckerberg responded to the Brazilian regulatory permission on his broadcast channel on Instagram saying that “people will be able to pay small businesses right on WhatsApp.”
Related Story: Brazil Clears Facebook’s WhatsApp For P2P Payments
Image credit: Wikimedia Commons
Latest Alternative Investment News
Digital Assets: Ledger, Maker Of Crypto Security Hardware, Raises Nearly All Of $100M Series C Round
Paris-based startup Ledger, which makes hardware wallets for cryptocurrency investors, has raised €100m ($109m) in funding, valuing the company at €1.3bn. The round was led by investors including Digital Finance…
FinTech: Cogo And Eliq Partner To Help Banking Customers Enhance The Energy Efficiency Of Their Homes
Cogo, a fintech which collaborates with banks to assist customers in decreasing their carbon footprint as a carbon footprint management firm, is partnering with Eliq, a company that specializes in…
Venture Capital: The LSP Dementia Fund Closes €260M (US$283M) To Address Dementia, One Of The Most Significant Health Crises Of Our Era
The LSP Dementia Fund has reached a final close at €260 million (US$ 283 million), surpassing its initial target of €100 million. The fund, which is managed by EQT Life…
Artificial Intelligence: The DAGGER AI Model Gives Advance Warning Of Dangerous Solar Storms
Researchers have developed an AI-based model that combines satellite data and machine learning to predict where an impending solar storm will strike on Earth, offering 30 minutes of advance warning….