WhatsApp has announced instant in-app fiat payments for over 120 million users in Brazil.
On June 15, it has been reported in a statement released by WhatsApp that users that have Visa and Mastercard debit or credit cards from Banco do Brasil, Nubank or Sicredi can now attach instant payments to their messages.
However, there’s an unspecified monetary limit imposed due to Anti-Money Laundering (AML) and Combating the Financing of Terrorism concerns.
Additionally, WhatsApp users in Brazil cannot make more than 20 in-app transactions per day, as WhatsApp is reported to have over 120 million users in Brazil, or around 57% of the country’s entire population.
World’s most popular messenger now offers in-app fiat payments for its 120 million users in Brazil https://t.co/5WaxzCZbcz — Cointelegraph (@Cointelegraph) June 15, 2020
As the official press release does not mention any jurisdictions other than Brazil, Mark Zuckerberg, the CEO of Facebook, said on his personal page that more countries are expected “to come soon.”
It has been analyzed that payments are implemented through Facebook Pay, a payment system developed in 2019 for Facebook-affiliated apps such as Messenger, Instagram, and WhatsApp.
Likewise, WhatsApp might use different payment systems for fiat electronic payments in different countries. In India, where the messaging giant has reportedly been testing in-app payments for months, WhatsApp is aiming to use a locally developed solution called UPI, supposedly due to pressure from domestic regulators.
WhatsApp is still expected to support Libra Coins at some point in the future. Unlike nationwide WhatsApp fiat payments in countries such as Brazil and India, Facebook has been marketing Libra as a global solution for the unbanked.
Thus, a report said that a Facebook-owned digital wallet, which will be integrated into WhatsApp once it is released, supporting payments in in-house stablecoins such as LibraUSD, LibraEUR, and Libra GBP, as well as a multicurrency coin called LBR.