Facebook ‘s WhatsApp Pay rolled out in Brazil
The Facebook’s WhatsApp has rolled out its new feature ‘Facebook Pay’. This allows users to make digital payments via WhatsApp. The project was underdeveloped for a much longer period with the delays due to the COVID epidemic but finally launched under the trial phase.
WHATSAPP ALREADY USED FOR MARKETING
WhatsApp is already used by small business as a marketing tool to answer questions or send catalogs. Considering this Facebook’s Chief Executive Mark Zuckerberg was working towards expanding tools for initiating and supporting the business on WhatsApp.
ONLY IN BRAZIL FOR NOW
Brazil is the second-largest market after India and one of South-America’s biggest economies. It now has the opportunity to pay and send money across digital via WhatsApp. This new feature is available in brazil for the time being.
MAIN PURPOSE
• The main purpose of the setup is to connect small and local business and help grow an accessible digital economy.
• The second objective is making it possible for the WhatsApp users to send money as smoothly as messages or images on it.
CONDITIONS
Conditions for the this new feature are –
- The service is free for the regular Brazilian WhatsApp users for the time being.
- Businesses will have to pay a processing fee before they receive any payments from customers.
- Businesses will have to give the same fee when accepting credits cards as well.
HOW IT WILL WORK
The working mechanism for the feature is either users use a unique six-digit pin or preferably use their fingerprint.
The reason for using these two methods and preferring fingerprints over the pin is solely for security and safety measures.
HOW TO REGISTER
To start the users need to link their WhatsApp to their Debit or Credit cards. The linking will happen either by the Visa or Mastercard Networks. But Being a limited launch only in Brazil for now, it applies to only Debit or Credit cards from Brazilian banks namely –
- Banco do Brasil
- Nubank
- Sicredi
Facebook has also partnered with Cielo which is one of the leading Brazilian payments processor.
Although this new feature of Facebook’s WhatsApp that allows to make payments digitally via the platform is applicable only in Brazil for now, it’s feedback and response will decide it’s extension to other countries.
