Facebook owned social media messaging app, WhatsApp, has rolled out a system that will let users send funds to individuals or businesses within a chat, attaching payment just like a video or a photo. WhatsApp first tested this system in India early in 2018, with the Brazilian launch set to be the first nationwide rollout globally.
The company has a large user base in Brazil, boasting over 120 million individual users, making it the second largest just behind India. Chief Operating Officer of WhatsApp, Matt Idema, told Reuters in an interview that they look forward to helping digital payments grow and also help grow the digital economy for small businesses, while supporting financial inclusion.
With many of Brazil’s small businesses already using WhatsApp as an effective marketing tool, this new tool looks at making online payments easier, especially in a country still suffering the effects of the Covid-19. The payment system will use Facebook Pay and is expected to be free for individual users, while businesses will pay a charge for receiving payments.
The system will accept payments from credit and debit cards from Banco do Brasil, Nubank and Sicredi, while it is working with Cielo to help process payments. Reports also indicate that the company is planning to introduce this system to other regions later in the future. This new tool from WhatsApp could prove to be a life saver for a number of businesses that have battled with decent money transfer options in times past.
We would keep our eyes on Brazil to see how well this new tool performs in the South American nation.
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