Fintech & Ecommerce

Meta Lets Brazilians Pay Local Merchants Via WhatsApp

Meta reported that Brazilian WhatsApp users have the opportunity to exchange messages for transactions through this application.

Meta Lets Brazilians Pay Local Merchants Via WhatsApp

Source: motionarray.com

Last Tuesday, April 11, information appeared on the blog of the media company that the method of ordering, characterized by the simplicity of the procedure and a high level of security, will contribute to changing the rules of the game for ordinary consumers and small businesses who want to buy and sell on WhatsApp and at the same time not visit the website, open another application or pay in person.

Meta reports that so far the messaging function for financial operations is available to a small number of companies. It is also noted that in the coming months, more users will have access to this feature.

The new solution allows consumers to pay for goods and services using debit, credit, and prepaid Mastercard and Visa cards issued by participating banks of the service. Small businesses using WhatsApp as one of the business tools can link a supported payment partner such as Cielo, Mercado Pago, or Rede and create an in-app order to securely accept transactions from their customers.

The launch of the new feature took place a little more than a month after receiving approval for the launch of the service from the central bank of Brazil.

Guilherme Horn, the head of WhatsApp in Latin America, in a publication posted on LinkedIn in March, announced the creation of an open platform with the participation of several Brazilian buyers to ensure that as many companies and individuals as possible have access to the service. He also noted that paying for services to people and businesses via WhatsApp will have a big impact on everyone, providing ease and simplification for users and helping small and medium-sized businesses increase their sales.

WhatsApp first allowed users in Brazil to transfer money to friends, family, and loved ones through its app back in 2020. But the process of functioning the service was stopped for a year due to concerns of the central bank of the country about the reliability and security of the system. In May last year, the company added a Pay button available directly on the user’s contact card.

Stefan Kasriel, head of the Department of Commerce and financial technologies at Meta, says that the company is constantly working to improve the potential of WhatsApp as a payment platform. The representative of the company also noted that by adding a payment button to the contact card in the messenger, transactions will become more intuitive.

As we have reported earlier, Meta Launches Computer Vision Model to ID Objects.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.