WhatsApp money transfer service was suspended 10 days after launch

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The service was launched in Brazil early last week

Photo: business-standard.com

Earlier last week, Facebook started the payment of goods through WhatsApp Messenger. The first launch country was Brazil. However, the service did not work for two weeks – the Central Bank of Brazil suspended the new functionality, citing competition issues in the mobile payments sector.

In an official statement, the Central Bank explained its decision to “maintain an adequate competitive environment” and to ensure the functioning of the Brazilian Payment System (SPB), which is “interchangeable, fast, secure, transparent, open and inexpensive.”

Soon after the orders from the Visa and MasterCard regulators came into force, they were ordered to stop transacting through the WhatsApp payment service, otherwise they would face heavy fines.

In India, the WhatsApp payment service also had problems. There, system testing has been underway since 2018, but has not yet received permission for its use.

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It was previously reported that WhatsApp planned to issue the loan within the application. The company has already applied for a license from a regulator in India.

Read: Facebook will add e-wallet to Messenger and WhatsApp

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According to the content Bloomberg


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