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WhatsApp Has Relaunched Its Money Transfers In Brazil

WhatsApp Relaunches Payment Transfers In Brazil

WhatsApp Has Relaunched Its Money Transfers In Brazil

According to the interview of Mark Zuckerberg on Tuesday, WhatsApp has relaunched its money transfers in Brazil. The money transfer in WhatsApp for Brazil was blocked one year ago by the central bank. Brazil is the second country after India to launch money transfer within the country. Brazil is the second biggest market for money transfer with 120 million users. On the contrary, India is the biggest market of WhatsApp with more than 400 million users in the country. Moreover, India got approval from Facebook for money transfer within the country in the November of the previous year.

You can transfer your money within the chat conversation(s).  Initially, in Brazil’s WhatsApp payment method, you can’t transfer more than BRL 1,000 and more than 20 transfers per day.  But after its relaunch in the country, you can transfer as much as BRL 5,000 monthly.

Additionally, after the relaunch central bank of Brazil wanted the tech giant to review the proposed payments network. Furthermore, the Brazilian authority has also requested the social media giant to be labelled as a financial services company in their country. Also, Facebook will have to create a new unit called Facebook Pagamentos do Brasil. The new unit has to be regulated by the central bank.

As a reminder, WhatsApp launched its payments services in Brazil in the previous year in June. After its launch, the central bank of Brazil suspended it alleging that it could damage the country’s existing payments system in terms of the following factors:

  • Competition
  • Efficiency
  • Data privacy

In Brazil, WhatsApp began its payment methods in collaboration with the major card networks such as Visa and MasterCard and also funds processor Cielo SA.

Probably, WhatsApp will be functioning with playing cards issued by the following:

  • Banco do Brasil SA
  • Banco Inter
  • Itau Unibanco Holding SA
  • fintech Nubank
  • Banco Bradesco SA
  • MercadoLibre’s Mercado Pago
  • Sicredi

 

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