Whatsapp Money Transfer Service

Whatsapp Will Soon Launch Peer-To-Peer Remittance Function

Whatsapp Will Soon Launch Peer-To-Peer Remittance Function

WhatsApp announced that after the Facebook-owned service suffered a setback in Brazil last year. It will once again activate its peer-to-peer remittance function.

In June 2020, WhatsApp launched its digital payment and remittance function in Brazil. Where users can send money to friends and family members. But the country’s central bank stated that this may harm the existing payment system in terms of competition, efficiency and data privacy. .

The Central Bank of Brazil stated that the service did not obtain the necessary licenses, and the work was withdrawn since then. However, as previously reported by Reuters, Facebook-owned apps have been approved for in-app transfers.

In fact, although users can use Visa Inc and the MasterCard network to transfer money to relatives and friends. WhatsApp cannot allow them to make commercial payments. The two card networks must also obtain new licenses to run the Facebook messaging application. Which in turn will be supervised by the central bank.

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The company said that the feature will be launched in other countries after its first introduction in Brazil. A company spokesperson told Engadget that it is “making final preparations to provide WhatsApp payments in Brazil as soon as possible.”

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In a statement to CNET, WhatsApp said that the decision to “approve the sponsor’s license application” was a “welcome” move.

He added: “Now, more than ever, safe and convenient digital payments provide an important way to quickly raise funds from those in need and help companies recover.”

The fast-growing social media giant Facebook, which also owns the photo-sharing app Instagram. Also, considering using its social media platform to compete with banks and fintech companies to achieve rapid electronic transfer of funds.

Interestingly, however, the Central Bank of Brazil won regulatory approval only a few months after launching its instant payment system Pix, which has been widely adopted since then.

In November, WhatsApp launched its digital payment function in India, allowing people to send money or share expenses. “without having to exchange cash in person or go to a local bank”,. Plus make it closer to the “super app” through the “super app” status of your account Program” status. Continuous effort.

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He said: “This secure payment experience makes transferring money as easy as sending a message”. Forbes described the feature as its target market: India’s “groundbreaking” and “true game changer.”

The idea for WhatsApp to use the digital payment service for the first time was in 2018. When it tested the feature with a limited number of users. In addition, Apple Inc. devices also have similar functions, but only for iOS and not for Android.

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  1. informative

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