Whatsapp Launches Disruptive Payment Service

For a very disturbing Announcement, Whatsapp made public recently, the availability of its payment service within the application. This was after a test phase in India. The service is now available in Brazil and it is not yet specified when it will be launched in the rest of the world.

Users can send and receive money through Facebook Pay for free as there is currently no charge for sending or receiving money between individuals. On the other hand, businesses must pay a 3.99% commission to WhatsApp.

Users must link their bank card to their WhatsApp account and transactions are secured by the fingerprint sensor or a six-digit PIN code.

While the world waits to see the success this launch would birth, it is a reminder that WhatsApp has more than two billion users worldwide and Brazil is one of the countries where almost everyone uses WhatsApp to communicate. This system of sending and receiving money could, therefore, do a lot of harm to the existing competition. To confirm this, a release from the Whatsapp Official Blog says “Payments on WhatsApp are starting to be offered all over Brazil from today and we look forward to sharing it with everyone in the future” 

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