WhatsApp gets delayed Brazil nod for payments – News 24-7 Live News 24-7 Live
WhatsApp gets delayed Brazil nod for payments

WhatsApp gets delayed Brazil nod for payments

Brazil’s central bank on Tuesday cleared the way for Facebook’s WhatsApp messaging service to let its users send each other funds using the Visa Inc and Mastercard card networks, months after vetoing WhatsApp’s initial attempt.When WhatsApp tried to launch the transfer service last June, the central bank said it could damage Brazil’s existing payments system in terms of competition, efficiency and data privacy, adding that the service had failed to obtain the needed licenses.

The regulatory friction was the latest setback for Facebook’s effort to use its social media platforms to compete with banks and fintechs in allowing fast electronic funds transfers.The regulatory approval comes months after the central bank launched its own instant payments system in November, called Pix, which has since been widely adopted.

News Source: Hindustan times

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