Facebook does not give up and WhatsApp Pay gets permits to operate in Brazil
WhatsApp Pay returns to Brazil after obtaining the permits and money can be sent through the application.
The Facebook attempts to enter the world of finance they have been numerous and generally unsuccessful. In the last two years we have seen the odyssey that was lived with the Libra cryptocurrency until they gave up on the project or the attempt to implement purchases through WhatsApp. In addition, progress continues with WhatsApp Pay.
WhatsApp Pay is like others applications to transfer money between mobiles, only integrated into WhatsApp. In recent times the use of Bizum has multiplied and we all know PayPal, for example. The operation is very simple and we will explain it in this article: basically a function is added that allows send money to WhatsApp contacts.
WhatsApp Pay was launched in Brazil in June 2020, but the application was only active for a week. The Central Bank of Brazil ordered Visa and Mastercard to suspend transfers with this application for “preserve a suitable competitive environmentBut finally progress has been made.
The main problem that emerged last year was that Facebook launched this service without authorization to operate as a financial institution, they report in 9to5Mac. It was not until this Tuesday when he obtained the permits to make transfers in the country.
The problem has not been only in money transfers, but also in that Facebook does not have the ability to act as a bank or hold money, so it needs alliances with Mastercard and Visa to work. But once the permission of the Central Bank of Brazil has been obtained, it has already announced that you are going to activate this function again.
Authorization has arrived at the same time as another similar application called PIX that works with all banks in the country and it offers free transfers, an example of how interesting these types of services are, which are being sold so much.
Surely, after Brazil, the leap will be made to other countries with WhatsApp Pay, although the speed at which it does so will mark the future of the function. In case of requiring the approval of each central bank Facebook’s plans may be greatly delayed, something concerning given growing competition.