Central Bank Of Brazil Approves Launch Of WhatsApp Payments For Small And Medium Enterprises

JAKARTA - Brazil's central bank on Thursday March 2 approved the launch of the Meta Platforms Inc. payment system, for small and medium enterprises in Brazil via the WhatsApp messaging app, which expands the existing local user-to-user payment system within the application.

This approval comes as Meta tries to use the Brazilian market as the main testing space for the messaging business, an area that becomes increasingly important as the Meta core advertising business stalls. WhatsApp users in Brazil have been able to make interuser payments through the app since 2021, but this new development paved the way for merchants to accept payments.

"Soon, WhatsApp users will be able to pay for products and services directly through conversations with Mastercard and Visa debit cards," said Guilherme Horn, head of WhatsApp Latin America, at a post on Linkedin.

Shortly after central bank approval, Meta CEO Mark Zuckerberg said on his Instagram broadcast channel that "people will be able to pay for small businesses directly on WhatsApp". "I'm very excited to launch this soon," he said.

WhatsApp has integrated payment systems for users in several countries, including India, Brazil, and Mexico. This integration process involves several stages:

Partnerships with payment service providers: WhatsApp cooperates with recognized payment service providers in their respective countries, such as the UPI (Unified Payments Interface) in India, to allow WhatsApp users to make transactions through the app.

Verifikasi pengguna: Pengguna yang ingin menggunakan layanan pembayaran harus terlebih dahulu memverifikan nomor telepon mereka. Setelah itu, mereka harus membuat akun pembayaran dan memberikan detail seperti nomor rekening bank dan nama bank.

Delivery and receipt of money: Once a payment account is created, users can directly send and receive money via WhatsApp. Users can access this feature by pressing the dollar sign button in the conversation and insert the amount they want to send.

Security: WhatsApp guarantees the security of payment transactions by encrypting user data and using security technology such as the OTP (One Time Password) code to verify each transaction.

Integration of payment systems on WhatsApp allows users to make transactions without having to leave the app and also provide a more comfortable and secure experience for users.