Brazil’s Central Bank suspends use of WhatsApp for payments

Must Read

List of United Bank for Africa (UBA) 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 held. The sort...

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...
- Advertisement -

Brazil’s Central Bank has ordered Visa and Mastercard to suspend support for payments over WhatsApp. The bank said in a statement that the new money transfer service launched on WhatsApp needed prior authorisation. 

The country’s Central Bank said it needs to make sure an appropriate competitive environment is maintained and the payment system remains interoperable, fast, secure, transparent and inexpensive. Suspending the new service will allow the central bank to assess any risks to the proper functioning of the Brazilian payment system and verify compliance with the existing principles and rules.

Brazil’s Administrative Council for Economic Defense (Cade) also issued a precautionary measure to suspend the partnership between Facebook and Cielo to enable payments over WhatsApp. The service would offer accredited merchants in Brazil the option of receiving payments through the WhatsApp Business platform.

According to a Cade analysis, there are potential risks to competition, as Cielo has high participation in the national transaction market, while WhatsApp has a base of millions of users in Brazil, which can guarantee a significant market power.

- Advertisement -
Brazil's Central Bank suspends use of WhatsApp for payments - Brand SpurBrazil's Central Bank suspends use of WhatsApp for payments - 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.

- Advertisement -

1 COMMENT

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.

Brazil's Central Bank suspends use of WhatsApp for payments - Brand SpurBrazil's Central Bank suspends use of WhatsApp for payments - Brand Spur

Latest News

True Wireless Stereo Headset Sales Surge 90% in 2020 as Chinese Vendors Surge

Despite Pandemic True Wireless Stereo (TWS) Bluetooth Headsets Post Healthy Growth Strategy Analytics in a newly published series of reports from...

United Bank for Africa Board Approves 2020 Financial Results

The board of United Bank for Africa Plc (UBA) has approved the financial results of the company for the period ended December 31, 2020. The...

MTN Nigeria Launches Accelerator Program with Unveil of Y’ello 200

MTN Nigeria has selected 200 Micro, Small and Medium Enterprises (MSMEs) across Nigeria to benefit from an accelerator program, Y’ello 200, in continuation of The...

MTN and Facebook Begin Digital Marketing Training for SMEs under Y’ello 200

MTN Nigeria has commenced a partnership with global social networking giant, Facebook to deliver digital marketing training to SMEs under the MTN’s first accelerator...

MPC Meeting: CBN Maintains A Dovish Stance Towards Market Keeping MPR Stable at The First MPC Meeting of The Year 

The FGN bond market traded on a very calm note, although with a bearish tilt as market participants anticipated the outcome of the MPC...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Brazil's Central Bank suspends use of WhatsApp for payments - Brand SpurBrazil's Central Bank suspends use of WhatsApp for payments - Brand Spur