WhatsApp Payments Are Coming Back To Brazil After Government Suspension
Social media giant Facebook-owned WhatsApp is again rolling out its payments service in Brazil after the service was suspended by Brazil’s Central Bank in June of 2020 a few days after it launched there.
— WhatsApp (@WhatsApp) May 4, 2021
When the service originally launched in Brazil, the country’s central bank suspended it, citing concerns about competition in the payment system market. Brazil’s central banks said the suspension will let it evaluate any possible risk to the country’s system of payments and to determine whether the payments system meets the necessary rules.
Starting the service without the regulator’s green light could generate “irreparable damage to the system, especially what concerns competition, efficiency and data privacy,” the banks said, adding that Mastercard and Visa could face fines if they don’t comply.