News and leaks have been coming out about WhatsApp’s payment service for quite some time. The company has been working on this service for the last two years. It is expected that this service will be launched in India soon. However, this service has been available on limited numbers of Android and iOS in India. But the company launched WhatsApp Payment Service in Brazil on 14 June which has also been discontinued within 10 days after launch. Let’s know the main reason for the ban on WhatsApp Payment in Brazil.
According to a website report, WhatsApp Payment in Brazil is not banned by the government but the Central Bank. It has been reported in the report that the Central Bank has said in its statement that ‘Running this service without monetary authority analysis can harm the payment system in the area of competition and data privacy‘.
The bank officials then requested that payment and payment transfer activity be stopped through the MasterCard Inc. and Visa Inc. apps. The bank says that it is mandatory to get approval from market participants to keep the payments running. Explain that the number of WhatsApp users in Brazil is more than 120 million i.e. 120 million. Brazil is the second-largest market for WhatsApp after India.
The report states that the Central Bank’s decision is a major setback for Facebook, as the company launched WhatsApp Payment in Brazil earlier this month after testing in several markets, including India and Mexico, over the past two years. Although users are eagerly waiting for WhatsApp Payment in India, but no information has been given about how long it will launch.
WhatsApp Payment Service in India is available for limited users of Android and iOS. But soon it will be made available to all users. With the help of this service, users can transfer money through WhatsApp using UPI linked bank account. In India, it supports ICICI Bank, HDFC Bank, Axis Bank and State Bank.