WhatsApp is the number 1 messaging app in the world with about 2 billion users from all over the world increasing from 1.5 billion users in 2018 and 1 billion users in 2016. It has introduced many features all over the world like you can now run your business through this app and you can even do online shopping and make payments. However, the Payment service of WhatsApp was suspended in Brazil in June 2020 mentioning concerns about rivalry in the payment system market. The Bank made a statement that it planned to assess whether the service was in compliance with regulations, notwithstanding the fact that Facebook replied that it had been in contact with the board before introducing the payment feature in Brazil.
However, after a long suspension, WhatsApp on Wednesday announced that it is again rolling out its payment service in that country. Mark Zuckerberg the CEO of Facebook and WhatsApp launched a video in Brazil, where he gave the information about how the payment option included in WhatsApp will also be able to be used in Facebook and Instagram.
Brazil could be a strong market for WhatsApp with many users. The Finance head of Facebook, David Marcus said that the payment services coming back to Brazil will be part of a “gradual rollout” but there is not doubt that WhatsApp will not leave that market and therefore, this company is serious about introducing again this service in the country. The company has also started promoting this service in the market by posting videos and has issued a page stating the core Facebook Payment system and has been approved by the Central Bank of Brazil.
During the last dates of March, we reported that the Central Bank of Brazil allowed the services in country, after Facebook had obtained permission to run a payment service through this messaging app. According to the report, the users of WhatsApp in Brazil will be able to link their debit, prepaid, or combo cards from various banks that are working with its payment workstation. Now the people of the country of Brazil will also be able to send and receive the money on the platform without any specific charges or fees besides just chatting. This payment service can also support healthy competition in the market as the other banks in the country will also lower the charges implies on the receipt and payments and that will benefit the people in the country.
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