Brazil’s Central Bank has suspended payment service by WhatsApp just one week after it’s launch. For Facebook (parent company) central bank’s decision was unexpected. Here’s central bank’s explanation: “to preserve an adequate competitive environment” and “ensure functioning of a payment system that’s interchangeable, fast, secure, transparent, open and cheap”. By all this comprehensive phrases Central Bank of Brazil try to communicate that no other competitor could achieve WhatsApp’s quality and popularity.
Visa and MasterCard are forced to suspend money transfer on the WhatsApp app. In Central Bank statement mentioned that bank hadn’t had the opportunity to check and analyze this payment service prior to it’s launch. But Central Bank granted permission without analyzing? It seems like competitors complaint against WhatsApp payment services.
Facebook test WhatsApp payment services in India (has yet to receive the regulatory permission) and Mexico.
“Even as we continue to work with our local partners and the Central Bank in Brazil, we remain committed to launching WhatsApp Payments in India. UPI (Unified Payments Interface) is a lighthouse model for the rest of the world, with local banks and institutions driving innovation on a local stack that is capable of delivering financial services for all”.WhatsApp Spokesperson
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