After many talks and trials, finally, WhatsApp has pulled the triggers on the payments and bring it to the market by connecting to Facebook. Facebook has launched Whatsapp Pay. It means the user will use Facebook Pay to send and receive the money through the Whatsapp.
This service is only available to Brazil. Later after some time, it will be available in other parts. It is free to use for the normal customers I,.e the user will not have to pay any fee to Facebook for using this service.
The business organizations will use this app for the e-commerce work will have to pay a 3.99% processing fee.
How does this service work?
This service is used to purchase the products or to exchange of money among the friends and the family from Whatsapp’s catalog by the users.
To use this service, the customers should first link their WhatsApp to their own credit and debit card.
Recently, Facebook has partnered with just three banks i.e. Banco do Brazil, Sicredi, and Nubank, and also partnered with the Cielo, a payment processor. They have planned to make partner with more banks in upcoming days.
Linking up with your card, the users have to enter a six-digit PIN or the fingerprint to complete the transactions. This will help for the security transaction by preventing the unauthorized transaction.
There are many other options for digital payments. People widely use Paytm, Google Pay, and many more to make their payments. However, there are no virtual competitors that provide the payment options in the messaging app.
Business organizations use this service to exchange messages with suppliers, customers, and many other persons. This service will take a good place in the market in the upcoming days.