The Central Bank (BC) has just announced today (30) that it officially authorized WhatsApp to make payments and bank transfers between messenger users.
According to the BC, “Facebook Payments in Brazil” was approved as a “payment initiator” in the national financial system, while Visa and Mastercard won licenses to provide the “payment arrangements” service. Mark Zuckerberg’s messenger will then operate in partnership with these two companies to transfer funds between users.
This means that WhatsApp will not save users’ money in an account. Instead, it will be necessary to register a debit or credit card with the messenger and, through it, make payments to people and companies.
In a note, the BC explained that, in this model, WhatsApp will be able to define what the tariff will be for using the service, as well as who will pay it: who sends or who receives the funds. The institution also evaluated the novelty as positive for the national financial market. “The BC believes that the authorizations granted may open up new perspectives of cost reduction for users of payment services,” he said.
WhatsApp has also officially commented on the matter. The messenger representatives claim to be “very satisfied” with the decision of the BC, and revealed that they are already in the final preparations for the availability of the service in Brazil. There is no indication at the moment that the novelty can be integrated in any way to the PIX.
There are still no specific details on how the payments feature on WhatsApp will work, but according to the license approved by the BC, the messenger will simply start the payment process, and who will actually transfer the money to the recipient will be the bank in which the payer has an account and available balance.