WhatsApp Announces Instant In-App Fiat Payments In Brazil
WhatsApp Announces Instant In-App Fiat Payments In Brazil
June 16, 2020
WhatsApp Announces Instant In-App Fiat Payments In Brazil
WhatsApp Announces Instant In-App Fiat Payments In Brazil
June 16, 2020

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.

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.”

ALSO READ :  The Government of India Add Courses of Cryptocurrency and Blockchain Technology

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.

Source: Cointelegraph | Image: FactorDaily


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.