WhatsApp payment service faces new questioning

Send money and make purchases through WhatsApp? The idea that was emerging as the eighth wonder of the world is not without its drawbacks.

In mid-June 2020, the Facebook subsidiary introduced the functionality to its users in Brazil, promising operations in more than 10 million micro and small companies.

Less than 10 days after the premiere, the Central Bank blocked the service, due to possible inconveniences in aspects such as competition, efficiency and data privacy.

At that time, the monetary authority urged both Visa and Mastercard to suspend all money transfer orders until further notice.

WhatsApp payment service faces new questioning
Torsten Dettlaff / Pexels

And while the decision was later reversed, the president of the issuing body has now demanded evidence that the platform can operate safely.

“We are not saying that it is not competitive. We just want them to request authorization and show us how it will work, for us to make sure it is competitive, ”said Roberto Campos Neto.

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In a webcast organized by local newspaper Correio Braziliense quoted by Reuters, the authority estimated the new service’s customer base at 120 million, which requires in-depth analysis.

“At no time has the Central Bank banned anything, (but) is willing to authorize it once it has complied with the same procedure as other actors,” he explained.

Campos Neto recalled that the South American country is prone to competition, so the system will be able to operate “once it shows that it is a competitive agreement and has data protection in the way that we understand it is needed.”

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