WhatsApp adds digital payment option to help businesses

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...
- Advertisement -

WhatsApp added a feature for in-app payment, currently operational for only users in Brazil, its second-biggest market after India. It is free for consumers to use, however, businesses are charged a 4% processing fee.

With over 2 billion users on WhatsApp, the tech giant is creating non-advertising revenue.

WhatsApp adds digital payment option to help businesses - Brand Spur

WhatsApp says in its blog post that, “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 catalogue, customers will be able to send payments for products as well. Making payments simple can help bring more businesses into the digital economy, opening up new opportunities for growth.”

“In addition, we’re making sending money to loved ones as easy as sending a message, which could not be more important as people are physically distant from one another. Because payments on WhatsApp are enabled by Facebook Pay, in the future we want to make it possible for people and businesses to use the same card information across Facebook’s family of apps.”

- Advertisement -

“We have built payments with security in mind and a special six-digit PIN or fingerprint will be required to prevent unauthorized transactions. To start, we will support debit or credit cards from Banco do Brasil, Nubank, and Sicredi on the Visa and Mastercard networks -and we are working with Cielo, the leading payments processor in Brazil. We have built an open model to welcome more partners in the future.”

Sending money or making a purchase on WhatsApp is free for people. Businesses will pay a processing fee to receive customer payments, similar to what they may already pay when accepting a credit card transaction.

Read Also:  Mudassir & Brothers To Invest $50Million To Establish Textile Factory

These remain critical questions, considering that payment cards and even bank accounts are not necessarily the norm in every market, especially emerging markets; and that other kinds of transactions such as remittances, where people transfer money to friends, family and businesses that are often far away; are some of the more popular uses of phones beyond simple calls and texts.

(And as we’ve been saying for years, the link between messaging and remittances is a big one: messaging apps are where people carry out their relationships and communication, so they are a natural place to stay to send money).

- Advertisement -

The examples of payments in Brazil indicate that remittances are very much on Facebook’s radar, so we’ll see how and where it actually gets used.

- Advertisement -
WhatsApp adds digital payment option to help businesses - Brand SpurWhatsApp adds digital payment option to help businesses - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

WhatsApp adds digital payment option to help businesses - Brand SpurWhatsApp adds digital payment option to help businesses - Brand Spur

Latest News

New F5 Research Reveals 75 Percent of Asia Pacific Consumers Do Not Feel Responsible for Their Own Data Security

F5’s latest Curve of Convenience 2020 report shows that application users in Asia Pacific routinely overlook high-profile breaches in...

Vingroup partners with Medtronic to produce ventilator components

HANOI, VIETNAM - Media OutReach - August 13, 2020 - On August 12, 2020, VinSmart Research and Production Joint Stock Company (a subsidiary of Vingroup) officially announced the strategic...

Envision Digital Addresses Consumers’ EV Adoption Pain Points in Germany with New Home Charging Solution, Aims to Spur Electric Mobility Revolution

End-to-end, affordable solution solves private charging infrastructure gap and complements local government schemes to accelerate sustainable living and seven to 10 million EV take-ups...

Infinix to announce Zero 8 soon as its flagship smartphone for 2020

NAIROBI, KENYA and DODOMA, TANZANIA - Media OutReach - 13 August 2020 - Infinix is said to launch Zero 8 soon, which is the latest product of its...

Guinness Nigeria Plc Notifies Of Fire Incident At Its warehouse; Restates Commitment To Prompt Services

On the 13th of August, 2020, there was a fire outbreak at one of Guinness Nigeria Plc's external warehouses on Wempco Road, in the...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -WhatsApp adds digital payment option to help businesses - Brand SpurWhatsApp adds digital payment option to help businesses - Brand Spur