WhatsApp users in Brazil will be the first to be able to send and receive money on the messaging app by way of Facebook pay. The announcement was made by Facebook on Monday.
WhatsApp says the service will be free for its customers to use, but business will pay 3.99 percent processing fee to receive payments. The service will work by way of a six-digit PIN or fingerprint to complete transactions.
You use it by linking up your WhatsApp account to your Visa or Mastercard credit or debit card, with initial local partners including Banco do Brasil, Nubank and Sicredi. Cielo, a payments processor, is also working with WhatsApp to complete transactions.
“We have built an open model to welcome more partners in the future,” WhatsApp noted in a blog post.
Users in Brazil will be able to use the payments service on WhatsApp to make purchases from local businesses without leaving their chat, the Facebook-owned service said.
“The over 10 million small and micro businesses are the heartbeat of Brazil’s communities. It’s become second nature to send a zap to a business to get questions answered. Now in addition to viewing a store’s catalog, customers will be able to send payments for products as well,” the company said.