Facebook-owned social media company WhatsApp is rolling out a major new feature for its users in Brazil. People in the territory of Brazil are now able to send and receive money from friends and family securely through WhatsApp.
The feature is powered by Facebook Pay and people can receive and send money to each other through WhatsApp business accounts. This should prove to be convenient for both domestic users and small businesses.
WhatsApp says that payments through the app are secure and require a 6-digit PIN or fingerprint confirmation to complete the transaction. The payments don’t attract a charge and users simply have to pay a processing fee to receive payments from customers.
At the moment, these payments are supported by Visa and Mastercard debit and credit cards. However, WhatsApp says that they are working with Cielo, Brazil’s leading payments processor to make an open platform that should make it easier for more partners to join.
The update has already rolled out in Brazil and shouldn’t take long to arrive to everyone around the globe. WhatsApp is yet to announce which countries will receive the update afterward but we will update this space as soon as it becomes official.