Brazil Won’t Process WhatsApp PaymentsDavid Kemp
Payments may be sometimes suspended and this decision depends on many factors. Many users perform various procedures and operations related to money transfer utilizing the most advanced services. One of these possible options is WhatsApp. It’s a safe and secure way to make payments using this application. On the other hand, there are several countries that are not yet ready to fully trust this platform. Some news outlets have just announced that Brazil won’t let its Central Bank accepts and process payments from WhatsApp participants.
According to the recent reports, payment features that the application is equipped with have been suspended. This occurred just four weeks after the events involving the application developed and owned by Facebook.
Brazil’s authorities have made a decision to order the Central Bank to follow a new regulation, now, the institution will have to suspend money transfers and stop their processing. This rule applies to owners Visa and involves holders of Mastercard willing to carry out their operations through WhatsApp. Official information claims that the Central Bank of the country initiation certain actions against the app’s feature since the authorities need to preserve the environment and make it more adequate for numerous competitors. Many official representatives believe that currently, the bank is experiencing the risks coming from the company, which, in turn, harms Brazil’s financial sector.
The mentioned payments will have to pay massive fines and abide by administrative sanctions. To avoid harsh punishment, Visa and Mastercard have to suspend activities related to the payments performed via WhatsApp.
Risk Assessment and Prevention
The Central Bank has finally decided to move and stop the payments of the most popular application. At the moment, users are not allowed to make payments within the bank’s borders using the app. According to the official representatives of the Central Bank, this measure can ensure the functioning of the system. They hope to make it prompt, safe, and open.
Additionally, people need an environment that is transparent and offers cheap services. Also, this will give the bank some time to assess possible risks. They will first verify compliance and see how the system functions.
WhatsApp started its system in the country a couple of weeks ago. This was done after numerous tests and research – the newest feature first appeared in different emerging markets. Brazilians have intensively been using the app and now there are over one hundred and twenty million users in Brazil who find this platform quite efficient.
No doubt, the developers cannot ignore the limitations and restrictions that the second-largest market applies to their products. They need to meet Brazilian standards and then they will be able to avoid sanctions and fines. However, the local authorities reported that the feature is likely to be integrated with the bank’s system PIX, which functions and has much in common with blockchain.
The developers admit that they are ready to support the project and find the idea white innovative and promising. Digital payments will simplify the regular procedures and processes – they will become faster and more transparent. Once PIX becomes available, the company will gladly integrate its features into the new payments system. Users hope that the scheme will soon be brought to life and they will be able to test and rate it.
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