There has been a lot of buzzes around when exactly WhatsApp will roll out the feature to send money on WhatsApp as earlier the company was believed to have been working on. Apparently, WhatsApp has started rolling out the WhatsApp Payment Features to smartphone users starting with Brazil where the feature will first roll out before intercepting devices elsewhere.
This was later confirmed by an announcement by WhatsApp itself. As per what we know so far, WhatsApp users will be able to send money to people they know or they don’t (to pay for products or services) without charging a fee on it although businesses will be charged a 3.99% to receive the payments which are basically 3.99 rs or a 100 rs transaction.
Furthermore, the WhatsApp Payment Features will be handled by Facebook Pay and will be able to process payments supporting Mastercard and Visa debit cards. It has partnered with Nubank, Sicredi, Banco Do Brasil in Brazil whereas the Facebook-owned giant has integrated Cielo as its payment processor as well.
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The feature will be kept secured by a six-digital PIN or fingerprint impression to complete the transaction. As per the blog post, there are over 10 million small and micro businesses in Brazil that would be able to use the WhatsApp Features such as the Payments feature without any hassle.
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Facebook is considered as one of the reasons why WhatsApp never rolled out the full-fledged payment feature in India. This is because WhatsApp has been testing the payments feature for quite a long time in India although as a trial method that uses UPI instead of Facebook Pay. WhatsApp currently serves to over 400 million monthly users in India while Brazil is in second position with over 120 million MAUs.
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Narender Kumar
Always on the quest to learn and share the knowledge. Big fan of books (but not the self help ones) specially fiction. A grammar Nazi who loves to eat, cook, travel and watching thunderstorms.