WhatsApp announced the availability of sending and receiving payments from the application. The function is already active, although for now only in Brazil.
The feature allows people to transfer money between friends or make payments to businesses and, according to WhatsApp, makes sending money as easy as sending a photo in the app.
The sending and receiving of money will have some limitations. People can send only 1,000 reais (about US $ 193) per transaction and up to 20 transactions can be made per day. Per month, people can make transactions of maximum 5,000 reais (about US $ 965). Ordinary users don’t pay any commission, WhatsApp says, but businesses pay a 3.99 percent transaction fee.
“We are very excited to bring WhatsApp payments to our users across Brazil. Making sending and receiving money easier couldn’t be more important than at a time like this,” said Matt Idema, WhatsApp chief operating officer. . “Small businesses are the backbone of the country. The ability to easily make sales on WhatsApp will help business owners adapt to the digital economy, drive growth and financial recovery.”
WhatsApp payments are powered by Facebook Pay technology, this so that the social network service saves users’ financial information and in the future they can use the same information in all Facebook services. The company has not said when or if the feature will reach other countries or territories.