WhatsApp Starts Fiat Payments In This Country
WhatsApp has released fiat electronic payments on its platform, and Brazil is the first country in this area.Users with Visa and Mastercard debit or credit cards from Banco do Brasil, Nubank or Sicredi can now add instant payments to their messages, according to a statement released by WhatsApp on Monday.There is an unspecified monetary limit on Anti-Money Laundering and Fight Against Terrorism Financing. However, WhatsApp users in Brazil will not be able to do more than 20 in-app transactions per day.
It is reported that WhatsApp addresses more than 120 million users in Brazil or about 57% of the country’s entire population.Even though the official press release does not mention any jurisdiction outside of Brazil, Facebook CEO Mark Zuckerberg said he expects more countries to “join this service soon” on his personal page.
Fiat Money Service But No Crypto
Payments are implemented through Facebook Pay, a payment system developed in 2019 for Facebook-connected apps such as Messenger, Instagram and WhatsApp.As the company emphasized in the past, Facebook Pay is “built on existing financial infrastructure and partnerships” and is not related to the Novi (ex Calibra) wallet that will work on the Libra network.
WhatsApp can use different payment systems for fiat electronic payments in different countries. In India, where the messaging giant has been testing in-app payments for months, WhatsApp aims to use a locally developed solution called UPI due to the pressure of local regulators.However, WhatsApp is expected to support Libra Coins at some point in the future. Unlike countrywide WhatsApp fiat payments in countries like Brazil and India, Facebook markets Libra as a global solution for bankers.Novi, a digital wallet owned by Facebook, will be integrated into WhatsApp after its release, according to the press release of May, and will support in-house stablecoin payments such as LibraUSD, LibraEUR and Libra GBP, as well as the coin called LBR.