There’s been quite some rumors that WhatsApp was going to release some updates similar to WeChat.
At first, it was just a rumor.
But now, it’s finally here!
The most recent WhatsApp update now permits users in Brazil to send and get cash through the instant messaging application.
Money can be paid either to individual WhatsApp users or to organizations that acknowledge computerized payments through the WhatsApp.
Sending money to friends and family has just got easier.
Even for organizations, making payments easy and convenient can move businesses into the advanced economy, opening up new open doors for opportunities and development.
The WhatsApp application is owned by Facebook and they assert that there are more than 10 million small and medium business owners in Brazil that could profit from the new digital payment feature.
Organizations will be required to pay a processing fee while handling payments through WhatsApp, Nevertheless, cash payments between individuals will be free.
Users will be required to enter either a six digit PIN or input their fingerprint so as to approve transactions.
Debit and credit cards from supporting banks can be connected to a users WhatsApp account.
Visa and Mastercards are already supported; Banco do Brasil, Nubank and Sicredi.