Whatsapp Bringing Digital Payments to Brazil






Facebook-owned WhatsApp has launched the latest digital payments feature for Brazil. This feature allows users to make and receive in-app payments.

WhatsApp Payments were released in India in February 2020 after approval from the National Payments Corporation of India (NPCI). This however was a limited release with the first phase involving 10 million users. Since then, there have been reports of Facebook running into regulatory challenges in India that have been preventing it from starting a more widespread rollout for Whatsapp Pay. Whatsapp had been testing the feature its payments feature in India since February 2018. During the trial run in 2018, payments through WhatsApp were introduced to a million users under a partnership with ICICI Bank.

In Brazil, payments on WhatsApp are backed by Facebook Pay. This is in contrast to India, where WhatsApp pay is based on the UPI platform. The transaction will be secured via a special six-digit PIN or fingerprint. Initially, debit or credit cards from Banco do Brasil, Nubank, and Sicredi on the Visa and Mastercard networks will be supported. The company is working with Cielo, the leading payments processor in Brazil to extend the support. All of this was announced through a blogpost.

The service will be free for individuals, businesses however will have to pay a processing fee of 3.99% on each transaction. “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.” the blog noted.

Brazil is the largest e-commerce market in Latin America. 71% of e-commerce spend in Brazil is paid with credit cards, 21% through Boleto Bancário which is a cash-based payment method, and 8% through PayPal. Bringing payment option to a messaging app will reduce the processing time spent in making payments. Small vendors and microbusinesses are likely to benefit from using the new feature.

Facebook acquired WhatsApp in 2014 for an astonishing $ 19 billion. The app now has over $2 billion users in over 40 countries. To generate revenue from the app, WhatsApp business services are provided. These enable vendors to send catalogues and manage responses from their consumers over the app in a proper manner. Including the option of payments will make it possible to conduct business over the app. https://bit.ly/3fzxtg1

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