WhatsApp to launch new payments feature in Brazil. Details here
1 min read . Updated: 03 Mar 2023, 11:19 AM IST
PremiumPopular messaging platform WhatsApp has secured approval from Brazil's Central Bank to start its new payment feature which would allow businesses to receive payments through the social media platform.
WhatsApp has got the approval of the Central Bank of Brazil to launch its new payment feature. The new feature will allow users to browse products, add products to their cart and make payments via debit or credit card right from their WhatsApp chat.
Meta's Head of Commerce and Financial Technologies Stephane Kasriel while informing about the new feature on Twitter wrote “Big news on our efforts to offer people the ability to pay small businesses on @WhatsApp in Brazil the central bank has just granted authorization to launch. We’ve prioritized an open model & are testing now w/ several partners. Look fwd to bringing this to Brazil soon!"
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Meta CEO Mark Zuckerberg also shared the information via his broadcast channel on Instagram, he wrote, “Brazil WhatsApp update: the Central Bank just authorized the launch of our new payment feature so people will be able to pay small businesses right on WhatsApp. Excited to roll this out soon."
Why is the development important?
WhatsApp has been trying to roll out its payments feature in Brazil for a while but could not proceed due to a push-back from regulators. Reportedly, WhatsApp had launched a payments feature back in 2020 but had to roll it back due to objections from Brazil's Central Bank.
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WhatsApp is also betting big on markets like India and Brazil where it has a dominant presence. Business messaging has also found a more prominent place in Meta's plans with the advertisement revenue stalling.
What is the new payment feature?
Once the new payments feature launches, users in Brazil will be able to search for businesses, ask product-related questions, browse the catalogue, add products to their cart and make payments to businesses through their debit or credit cards all through the WhatsApp platform.
