In this pandemic of coronavirus, most people are relying on digital payment methods to avoid any unnecessary contact. As hard cash travels through the hands of many and it increases the chances of getting you affected. As it is nearly impossible to sanitize all the hard cash every time they come in your hands. So methods of online payments to get your essentials is one of the many ways to protect yourself from getting affected. There are numerous online payment methods already available but what if you can send or receive money using your favorite chatting platform as easy as sending images on that platform. Yes, you are reading it right. WhatsApp announced the WhatsApp payment method, starting from Brazil. It is expected to roll out for every user over time for sure as WhatsApp is partnering with the Master card. So, now you can easily get an idea of the WhatsApp payment method through this article.
There are several methods of online payment. One uses both UPI and digital wallet-based payment method while other uses only UPI-based payment method. As long as WhatsApp is concerned WhatsApp Payment Method uses the UPI-based payment method. Using this you can send and receive money through your UPI linked bank accounts. WhatsApp Payment method is now available for Android and iOS users though in limited numbers.
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“Today we are starting to launch payments for people using WhatsApp. We are making sending and receiving money as easy as sharing photos. We are also enabling small businesses to make sales right within WhatsApp. To do this, we’re building on Facebook Pay, which provides a secure and consistent way to make payments across our apps. I want to thank all of our partners for making this possible.” Said by Facebook CEO Mark Zuckerberg.
Brazil has 120 million-plus WhatsApp users which makes it the second-largest market after India. This payment method was previously introduced in India in 2018.
Facebook CEO Mark Zuckerberg also added that he is working with local banks in Brazil, including Banco do Brasil, Nubank, and Sicredi as well as Cielo to make this new WhatsApp payment method more prominent for users.
WhatsApp announced the news stating:
We’re excited to announce that starting today we’re bringing digital payments to WhatsApp users in Brazil. People will be able to send money securely or make a purchase from a local business without leaving their chat.
The over 10 million small and micro-businesses are the heartbeat of Brazil’s communities. It’s become second nature to send a zap to a business to get questions answered. Now in addition to viewing a store’s catalog, customers will be able to send payments for products as well. Making payments simple can help bring more businesses into the digital economy, opening up new opportunities for growth.
In addition, we’re making sending money to loved ones as easy as sending a message, which could not be more important as people are physically distant from one another.
We have built payments with security in mind and a special six-digit PIN or fingerprint will be required to prevent unauthorized transactions. To start, we will support debit or credit cards from Banco do Brasil, Nubank, and Sicredi on the Visa and Mastercard networks —and we are working with Cielo, the leading payments processor in Brazil. We have built an open model to welcome more partners in the future.
According to WhatsApp sending money through WhatsApp Payment Method is free for users. However, for Businesses, will pay a processing fee to receive customer payments. Just like what they would actually pay when accepting a credit card transaction.
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I hope now it is clear to you that in near future you can send money through WhatsApp Using WhatsApp payment method. Share your queries and experiences with us in the comment section below.