WhatsApp has expanded its offering bringing digital payments to users in Brazil, allowing them to send money securely or make a purchase from a local business without leaving their chat.
The news will come as a boost to the economic recovery in the region, with it being one of the most impacted by the COVID-19 outbreak.
Issuing its update, WhatsApp stated: “We have built payments with security in mind and a special six-digit PIN or fingerprint will be required to prevent unauthorized transactions. To start, we will support debit or credit cards from Banco do Brasil, Nubank, and Sicredi on the Visa and Mastercard networks -and we are working with Cielo, the leading payments processor in Brazil. We have built an open model to welcome more partners in the future.”
Furthermore, the group also detailed that it’s boosting efficiency when it comes to payments in the region, specifically for those that are socially distancing, with the enabling of Facebook Pay.
Sending money or making a purchase on WhatsApp is free for all . Businesses will pay a processing fee to receive customer payments, similar to what they may already pay when accepting a credit card transaction.
Expert Analysis: The expansion of WhatsApp’s offering couldn’t come at a more important time. Brazil has been one of the worst-hit countries by the virus, so to boost efficiency in payments across the region can boost recovery in the region.
