Bank authorities requested that Mastercard and Visa stop money transfers on WhatsApp a week after the service launched in Brazil. The country’s antitrust regulator suspended WhatsApp’s partnership with payment firm Cielo. (Bloomberg)
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Bank authorities requested that Mastercard and Visa stop money transfers on WhatsApp a week after the service launched in Brazil. The country’s antitrust regulator suspended WhatsApp’s partnership with payment firm Cielo. (Bloomberg)
Talking point: This is the latest issue for WhatsApp’s payment service, which has also been waiting on nationwide regulatory approval in India for two years. Brazil is the platform’s second-largest market, with over 120 million users. Part of the problem appears to be how quickly WhatsApp tried to launch. The country’s central bank suggested it hadn’t had time to analyze the service prior to its rollout last week. WhatsApp currently has over five million customers globally that use a business version of the app. The firm has over two billion global users in total, though. If it can clear regulatory hurdles, there’s potentially a lucrative market for it in converting more of those users into people who spend money on the app.
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