The multimedia messaging service WhatsApp announced this Tuesday, May 4, that its platform for processing payments in Brazil was reactivated. The system came into operation after almost a year of suspension by the Central Bank of Brazil (BCB).
The platform, a Facebook subsidiary, released the information through a message published in Twitter We know you were expecting this. Payments in WhatsApp begin to be available today in Brazil, “was indicated in the popular social network.
Payments through WhatsApp were activated in mid-March of last year. However, a week later, the monetary authority ordered the suspension due to fear that a centralization would occur to the detriment of free competition , as reported by CriptoNoticias.
The uncertainty about how the Brazilian market would react to the arrival of the WhatsApp payment system would be based on the fact that the new platform is supported by Facebook Pay and the local payment processor, Cielo.
Days after the shutdown, Will Cathcart, WhatsApp CEO, reported that the BCB was working with Visa and Mastercard to restore service. However, the approval of the authorities did not arrive until now.
Brazil overtook WhatsApp with PIX
The months in which WhatsApp did not operate served for the bank to finish developing and launching its own payment tool. Known as PIX, the service allows users to make interbank payments, without the user knowing to which bank they are sending the funds . In addition, settlement occurs in real time and both participants are notified about the transaction.
The PIX service was launched in November and, according to some estimates, it started with a user base of 30 million people. Almost six months after hitting the market, the bank gave the go-ahead for WhatsApp to deploy its own tool, but now with a state competitor.
According to the WhatsApp website, users Brazilians can send money while chatting with family or friends. The person must register their debit or prepaid card to send and receive money. The data of each operator would be encrypted and secured to comply with local regulations.
Brazil is one of the Latin American markets with the highest regulations for means of payments and for projects bitcoiners . In fact, some bitcoin exchanges have faced difficulties due to the closure of bank accounts as in the case of Mercado Bitcoin.
