Initially, only debit or credit cards from Banco do Brasil, Nubank and Sicredi will be accepted, both with Visa and Mastercard. The processor of the transactions will be Cielo. The novelty of WhatsApp started to be released yesterday (15) to a selected group of people, who received an update. Other users should have access to the resource over the next few weeks. When this happens, the "payment" option will be included in the action menu - it is triggered by clicking on the "+" sign on iPhones and the clip on Androids.
The payment platform will cover all apps in the Mark Zuckerberg empire, which includes WhatsApp, Facebook and Instagram, and will give better defined outlines to what may be WhatsApp's first consistent source of revenue. This is also the debut in Brazil of Facebook Pay, the Facebook and Messenger virtual wallet launched in November last year in the United States.
According to Tilt, the launch of the WhatsApp payment system is delayed and should have happened at the end of 2019, but the negotiation with the banks has extended beyond expected. The negotiations are advanced with Bradesco, Itaú and Santander, which should be incorporated in up to three months. There are also talks with Banco Inter and Elo, which would be an option for Cielo.
The tool was tested in India and should have been launched there before landing in Brazil, but there was a pending issue with the Indian government that postponed the announcement - which should happen in the coming weeks. Matt Idema, WhatsApp's chief operating officer, told the story that the company has been pursuing a digital payment method for two years. The initial focus is on helping small companies to expand their businesses, and in that Brazil is an important market.
He signaled that soon, other apps like Instagram and Facebook may also be used in the country to send money and users will be able to use the same financial information already included in the WhatsApp registration. This strategy was announced in 2019 by Zuckerberg, who intends to integrate his applications as much as possible, to the point that a user can use WhatsApp to send messages to others on Instagram.
Suspended transactions?
Although at this moment only credit and debit cards are accepted by the platform, Facebook indicates that other ways of payment may be supported. According to its terms, the platform can make transfers and payments using gift certificates, prepaid tickets or even choosing to have the money transferred debited to the cell phone account.
Personnel transfers cannot:
Free transfers between people
Those interested in paying for products, sending or receiving money through WhatsApp will have to register a debit or credit card from one of the partner banks. Before start using the tool, the user must accept six terms: payment terms and WhatsApp privacy policy, payment terms and Facebook privacy policy, and Cielo terms and privacy notice.
Then, a numeric password is created for Facebook Pay (fingerprint can be used). It is this code, called a PIN, that will be used to authorize money transfers within the app, and not the password used to operate the bank account.
The sending of money between two people will be free, but to ensure that this modality is not used by companies there are restrictions:
Facebook will charge a 3.99% fee on the transaction value of entrepreneurs using WhatsApp Business accounts. The fees charged for other services are lower. Outside the application, Cielo's discount rate is 2.39% (debit) and 4.99% (credit). Getnet's varies between 1.95% (debit) and 3.09% (credit) and Rede's, from Itaú, varies from 1.99% (debit) to 3.49% (credit).
To use the feature, merchants will need to enable their accounts to receive payments for sales made through the app. The process is very similar to that of users, but business owners have to accept the merchant's terms of service, Facebook's seller agreement and Cielo's accreditation agreement. By signing this last agreement, the entrepreneurs agree to create a Cielo account.
Privacy and security
According to Idema, Facebook will not access or keep track of financial transfers. This will be done by the banks, as they do in any debit card transaction.
Source: GMB / Tilt
