Facebook-owned messaging app WhatsApp is currently moving to the domain of online payments. The new system update recently rolled out all across Brazil and people are loving it. The feature allows you to send payments or money in the normal chat window. Though you need to link your accounts beforehand, once it is done life becomes easier. You will be able to send money just like you send photos and videos.
But if you think it is too good to be true, check out the official website in order to gain some clue. The company is working along with Cielo, Brazil’s largest debit and credit card operator to process transactions. This new collaboration with WhatsApp helped soar Cielo’s shares by 30% on a day when the stock market crash was imminent.
BIG SOCIAL MEDIA NEWS:
Whatsapp has today announced that you will be able to pay friends and businesses (for free) using WhatsApp.
We're at the start of a major shift in "social commerce" where bills, shopping, and other payments will happen seamlessly within social apps. pic.twitter.com/H9bHbMXzcQ
— Steven Bartlett (@SteveBartlettSC) June 15, 2020
WhatsApp Payments: Send money in a click
In 2018 the company successfully tested the feature in parts of India before rolling back. Brazil gets the first nationwide release of the feature. This also introduces the ability to directly pay a business which need not be in a specific range. Right now the company has an active user base of almost 120 million in Brazil. This makes it the second-largest market just after India.
In Brazil normal public as well as small businesses already use WhatsApp as a marketing tool to answer questions or send catalogs. Facebook Chief Executive Mark Zuckerberg said in April that the company was expanding tools for businesses in WhatsApp.
The system will use Facebook Pay and be free to individual users while charging businesses a fee for receiving payments. Initially, the system will accept payments from debit and credit cards from Banco do Brasil, Nubank, and Sicredi.
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Suryapratim Ray is an engineer, author, robotics hobbyist, and an active Quoran. Being a technical blogger, he covers the good, bad, and ugly of science on a regular basis at Sciencenews18. In addition to his passion for writing, he’s equally keen on learning classical music.