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WhatsApp update in Brazil now allows money transfer

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According to the news agency Reuters, Whatsapp payments are now available again in Brazil. The section chat of the application owned by Facebook relaunched the functionality a year after it was made available in that same country. In fact, it was Brazil that served as a starting point for mobile payments via WhatsApp to be possible in other countries, with India being the next country to receive the same functionality.

Here, the central bank forced the suspension of service shortly after it was launched in the country. The banking authority only gave WhatsApp permission to use the Visa or Mastercard system during the last month of March, but not before making sure that all requirements were met.

According to a previous report, which was also advanced by the Reuters, Whatsapp tried to avoid being categorized as a financial service based on the current bank licenses of the Visa and Mastercard system.

Thus, all bank entities were notified to suspend money transfers through the application. As for the service of chat, the partner company had to create a unit called Facebook Payments from Brazil, which is currently regulated by the central bank.

WhatsApp update in Brazil now allows money transfer

Although the feature has become active again in Brazil, it is not yet available to everyone. For now, only a limited number of users will have access to this feature, and later invitations will be sent to a larger number of people.

Users will only be able to transfer 5000 Reais between themselves, approximately $ 918 per month free of any tax. A transfer of 1000 Reais is the financial limit for each bank transfer, and you cannot make more than 20 transfers per day.

At the moment, WhatsApp can only process point-to-point transfers, but above all it helps small traders. Local businesses in Brazil and India have been using the chat as the main medium of your trade online, now payments are supposed to help them more easily accept digital payments.

Source: Engadget

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