One of the leading messaging services and apps WhatsApp just debuted its fiat electronic payments service, announcing instant in-app fiat payments for more than 120 million users in Brazil.
The company premiered the fiat electronic payments on its platform as many people wonder why the Libra news are so still and why the stablecoin is still stuck in a regulatory maze. Anyways, the fact that WhatsApp just debuted its fiat electronic payments shows that Brazil is the first country experiencing a nationwide release of such feature.
“What does this mean for crypto?” – you might be wondering.
Well for starters, it means that card companies such as Visa and MasterCard are now relying more on apps and just gave the green light to WhatsApp to initiate such a service. Also, Banco do Brasil, Nubank and Sicredi are among the banks which now let users attach instant payments to their messages.
There is also an unspecified monetary limit imposed because of the AML and CFT concerns. Additionally, we can see that WhatsApp users in Brazil cannot make more than 20 in-app transactions per day.
Today we're starting to launch payments for people using WhatsApp in Brazil. We're making sending and receiving money as…
Posted by Mark Zuckerberg on Monday, June 15, 2020
If you are following the cryptonews on our site, you probably know that Facebook controls both Libra and WhatsApp. The CEO of the company, Mark Zuckerberg, recently spoke and said on his personal page that more countries are expected in the ecosystem “soon.”
As WhatsApp just debuted electronic payments, the company announced that they will be implemented via Facebook Pay – the system developed in 2019 for the Facebook-affiliated apps like Messenger, Instagram, and WhatsApp.
“Facebook Pay is built on existing financial infrastructure and partnerships, and is not related to Novi (ex. Calibra) wallet which will run on the Libra network,” the company stressed in the past.
In fact, WhatsApp might use different payment systems for fiat electronic payments in different countries. In India, where the messaging giant has reportedly been testing in-app payments for months now, they are aiming to use a locally developed solution called UPI, supposedly because of the pressure from domestic regulators.
Nonetheless, the good news is that WhatsApp is still expected to support Libra coins at some point in the future.
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