How will it work and who can use it?

The Central Bank (BC) officially authorized the realization of payment and bank transfer by WhatsApp. Facebook Payments Brazil is approved as a “transaction initiator”. The decision was announced on Tuesday (30).

Bank transfer by WhatsApp: How will it work and who can use it?
Bank transfer by WhatsApp: How will it work and who can use it? (Image: Marcello Casal Jr / Agência Brasil)

The monetary authority also granted Visa and Mastercard authorizations for two payment arrangements – transfer / deposit and prepaid transactions. Prepaid transactions allow the user to insert money into the virtual wallet to spend later.

WhatsApp will also be part of the arrangement. Thus, it will be possible to carry out transfers through the messaging application.

According to the model authorized by the BC, Mark Zuckerberg’s messenger will only initiate transactions between customer accounts at the financial institutions in which they are account holders. O The application will have the debit or prepaid card number of Visa or Mastercard as a credential..

Therefore, WhatsApp will not save the user’s money in an account. You payments to individuals and companies it will be by registering a card in the application.

According to the Central Bank, the WhatsApp will be able to establish what will be the tariff for using the service, as well as who will pay it – who sends or who receives the funds. Operations will be available from the date when WhatsApp releases the functionality.

Operations may only be carried out within Brazil. Payments for purchases through the Facebook Pay platform were not included in the Central Bank’s authorization. This request from the operators is still under analysis.

WhatsApp bank transfer functionality to be launched soon

WhatsApp stated that it is final preparations to make this service available in the country. At the moment, there is no indication that the novelty will be integrated into the Pix system. As soon as the payments function is available in the app, WhatsApp will share more information.

The messenger points out that secure and convenient digital payments offer a vital solution for the quick transfer of money to people in need. WhatsApp also underscores the importance of functionality to help companies in the economic recovery.

The Central Bank took almost 10 months of analysis to authorize the functionality. The announcement of this feature had been in June of last year. At the time, the BC had suspended the test that Facebook started to carry out in the country.

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AvatarSilvio Souza

Silvio Suehiro Souza has a degree in Social Communication – Journalism from the University of Mogi das Cruzes (UMC). He has experience in textual production and is currently dedicated to writing the portal FDR.

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