Brazil Central Bank to authorize payments system involving WhatsApp

Tuesday 21 July 2020 10:21 CET | News

Brazil's Central Bank has announced it will authorize a payments system involving Facebook Inc's WhatsApp messaging service, to send money and make payments via chats.

The go-live to the project is said to be conditioned by all rules being respected, according to the announcement made by the bank. 

The central bank suspended the newly launched WhatsApp payment service in June 2020 when Brazil’s Central Bank stated that the suspension will let it evaluate any possible risk to the country’s system of payments, and to determine whether the payments system meets the necessary rules, as starting the service without the regulator’s approval could generate damage, especially regarding issues such as competition, efficiency, and data privacy, Bloomberg reported.

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Keywords: Central Bank of Brazil, Brazil, Latin America, payment system, WhatsApp, Facebook, online payments
Categories: Payments & Commerce
Countries: Brazil
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