The service WhatsApp Pay It was recently launched as an experiment in Brazil.
This is a payment service integrated into the popular WhatsApp instant messaging application.
WhatsApp has over 1.5 billion users worldwide and arguably the most popular messaging app. Brazil was chosen as a testing ground due to the fact that it is very popular in the country.
Actually, a similar move of Facebook, the company that owns the application, in part due to competition from other similar applications that already successfully integrate payment functions.
In particular, the most popular messaging app in China, WeChat, has been integrating such features for several years and the Chinese have begun to use it en masse. In fact, it was highly unlikely that Facebook would decide to stay out of this market.
Facebook and Libra
At the same time, the company is working on the Libra project, together with twenty other partners, to create a wallet and a stable currency that could also be integrated into WhatsApp in the future.
For now, Facebook has promised to keep the two projects separate, since WhatsApp Pay will only use fiat currencies for the moment, but if Libra is successful, it is hard to imagine that it cannot also be integrated into WhatsApp Pay.
Payments made with the new service are actually made through the Facebook Pay platform, so the company promises that in the future it will also integrate it with other applications in the Facebook family, such as presumably Instagram and the Facebook application itself. .
The new fiat currency payment service is already active for Brazilian users using the messaging application, and there are more than 10 million small or micro-businesses in Brazil that could significantly benefit from using these new payment systems.
In addition, it has become an established procedure for this type of companies to receive messages through WhatsApp for information requests or purchases.
The system can be connected to credit or debit cards from Banco do Brasil, Nubank and Sicredi, both through VISA and MasterCard, and the company says it is working with Brazil's leading payment provider, Cielo, for integration at a later date.
With the new features introduced, customers will be able to view a company's product catalog and send payments for purchased products.
The goal is to simplify payments to allow more and more companies to join the digital economy, thus creating new growth opportunities.
Sending money through WhatsApp Pay is so simple how to send a message on WhatsApp.
The service can also be used by individuals to send money to friends and family, for example.