Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Thursday, September 4
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Payments»WhatsApp Payments Suspended in Brazil by Central Bank

    WhatsApp Payments Suspended in Brazil by Central Bank

    1
    By AdeO on June 24, 2020 Payments, Social Media, Whatsapp

    After announcing the launch of WhatsApp payment with pomp and pageantry over a week ago, Brazil’s Central Bank has suspended features in the country.

    In a statement, the central bank said that it had taken the decision to ensure competition in the payment system market. 

    Bloomberg notes that the bank will use the suspension to evaluate potential risks to the country’s payment infrastructure and to work out whether WhatsApp is compliant with regulation.

    The suspension in WhatsApp’s second-biggest market is the latest setback for Facebook’s payment ambitions.

    Despite launching in beta back in 2018 in India which is WhatsApp’s largest market the parent company Facebook has struggled to gain regulatory approval for the service, preventing a wider rollout.

    Facebook missed its target for the service to be available nationwide by the end of last year. The WhatsApp payment service is also been tested in Mexico

    WhatsApp had hoped that its payments system could be used by people to pay businesses as well as transfer money to individuals.

    The service would be free for individuals but would charge businesses a 3.99 percent processing fee.

    In countries like India and Brazil, WhatsApp often serves as the main online presence for many small businesses. 

    Over 5 million merchants around the world use the business version of the app, according to Bloomberg.

    Bloomberg reports that WhatsApp was surprised by the Brazillian Central Bank’s decision since the company had been in regular contact with the authority.

    WhatsApp had started a small test of the service in the country around a month prior to its launch.

    “Our goal is to provide digital payments to all WhatsApp users in Brazil using an open model and we will continue to work with local partners and the Central Bank to make this possible,”

    WhatsApp said in a statement given to Bloomberg. It added that it plans to support the Central Bank’s instant payment system, which is scheduled to launch in November.

    Brazil’s Central Bank requested that Mastercard and Visa stop enabling payment and money transfers through the app, and warned that they could face fines for non compliance.

    Related

    Facebook
    Share. Facebook Twitter Pinterest LinkedIn Email
    AdeO
    • X (Twitter)

    Related Posts

    Instagram Is Finally Launching an iPad App

    Google avoids forced sale of Chrome in landmark antitrust decision

    Instagram Tests Picture-in-Picture Viewing for Reels

    1 Comment

    1. Pingback: WhatsApp Now Allows Users Send And Receive Money in Brazil

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.