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WhatsApp Pay: understand payment function that should be tested in Brazil | Social networks

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At a company meeting, Zuckerberg planned to test WhatsApp Pay in Brazil soon, due to the large number of users in the country. The new WhatsApp service platform emerges as a way of expanding Facebook's business, which has focused on new virtual transfer models with the creation of Facebook Pay and the cryptocurrency Libra. Check, in the list below, what is known so far about this new tool and what are the practicalities that can be brought by it.

WhatsApp Pay: understand the payment function that should be tested in Brazil Photo: Nicolly Vimercate / TechTudoWhatsApp Pay: understand the payment function that should be tested in Brazil Photo: Nicolly Vimercate / TechTudo

WhatsApp Pay: understand the payment function that should be tested in Brazil Photo: Nicolly Vimercate / TechTudo

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WhatsApp Pay is a new service modality made available by Facebook. The function allows users to make payments through the messaging application, and aims to facilitate bank transfers. In 2018, the novelty received approval for testing period in India, the country that most uses the messenger in the world is about 200 million active daily users in the messenger.

The transactions took place through the UPI system (Unified Payments Interface or Unified Payments Interface, in free translation), and were used by more than one million users. The biggest difficulty faced by the company so far comprises licensing issues. UPI works through National Payments Corporation of India, a company that enables financial transactions in the country.

WhatsApp would offer financial transfers free of charge Photo: Anna Kellen Bull / TechTudoWhatsApp would offer financial transfers free of charge Photo: Anna Kellen Bull / TechTudo

WhatsApp would offer financial transfers free of charge Photo: Anna Kellen Bull / TechTudo

However, the WhatsApp Pay license has not yet been approved in India for reasons of regulating user data and privacy issues, which prevents the service from being used in other countries for the time being. But the promise of Mark Zuckerberg, CEO of Facebook, that the sport will reach countries like Brazil, Mexico and Indonesia in the next six months.

2. Does WhatsApp Pay come to Brazil?

According to the Economic Times website, the launch of WhatsApp Pay was confirmed by Zuckerberg at a meeting held by the company last Thursday (30), and promises to bring the service to the national territory in the next six months, since the country has a large number of active users in the app.

The specialized website WABetaInfo had already planned to test the tool in the country in February last year, and published on Twitter that WhatsApp also implemented support for the service for users in Spain, Mexico and the United Kingdom besides India, the only country where the experiment was carried out until now.

3. What is the difference between Facebook Pay, WhatsApp Pay and Libra, the virtual currency?

In addition to WhatsApp Pay, Facebook has shown great interest in establishing its own forms of payment on other company platforms. In this regard, the company released Facebook Pay in November last year, a Facebook and Messenger payment tool, which until now is only available in the United States.

The Facebook transfer platform supports most credit and debit card flags, as well as accepting payments via PayPal and Stripe. Facebook Pay allows you to make money transfers from person to person via Messenger, make purchases in games, purchase tickets and participate in kitties online, in addition to completing purchases in selected stores on the Facebook Marketplace. It is unclear whether the platform will accept Libra, Facebook's cryptocurrency, but the two services will be independent.

Facebook Pay is the Facebook payment service Photo: Divulgao / FacebookFacebook Pay is the Facebook payment service Photo: Divulgao / Facebook

Facebook Pay is the Facebook payment service Photo: Divulgao / Facebook

The virtual currency Libra was announced by Facebook at the beginning of the second half of 2019, with the launch scheduled for the first half of this year. The objective of creating the cryptocurrency, according to Zuckerberg, is to facilitate financial transactions between users who do not have bank accounts, without charging fees. The currency will be stored in a virtual wallet called Calibra, which is the responsibility of Facebook and which will be available on Messenger and WhatsApp.

4. WhatsApp Pay can be an alternative to monetizing the app

2020 was expected to mark the start of advertising on WhatsApp, as the messenger stopped charging the annual fee of $ 0.99 after being acquired by Facebook. In 2018, it was speculated that the app would start displaying advertisements on the WhatsApp Status function, a tool similar to Instagram Stories, a social network that is also owned by Facebook. However, the idea of ??monetization through advertising was abandoned by the company, according to a report by the Wall Street Journal.

WhatsApp service seeks to carry out transactions without leaving the app Photo: Tainah Tavares / TechTudoWhatsApp service seeks to carry out transactions without leaving the app Photo: Tainah Tavares / TechTudo

WhatsApp service seeks to carry out transactions without leaving the app Photo: Tainah Tavares / TechTudo

With the appearance of the mode of transfers in the messenger, it is speculated that the app obtains a percentage of profit for each transaction carried out, something similar to what happens with the profits of Apple via Apple Pay: for each transaction carried out by the platform, the company of but they get about 0.15% net gain, which would represent an alternative for monetizing the messaging app in the case of WhatsApp.

5. Alternatives similar to WhatsApp Pay in Brazil

By predicting bank transfers between users of messaging apps, banks like Ita and Bradesco have come to understand a transaction system using the cell phone keypad. Account holders can activate the Keyboard option to perform banking actions without necessarily accessing the bank application. This way of making transfers shows practicality, but it can include fees such as TED or DOC, which is different from WhatsApp Pay's proposal.

Bradesco keyboard allows you to make transfers without opening the bank's app Photo: Reproduo / TechTudoBradesco keyboard allows you to make transfers without opening the bank's app Photo: Reproduo / TechTudo

Bradesco keyboard allows you to make transfers without opening the bank's app Photo: Reproduo / TechTudo

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