WhatsApp users in Brazil can now transfer money and pay businesses directly from the app, quickly, conveniently and securely
Mastercard announced the extension of its partnership with Facebook to offer a new and innovative way for Brazilians to send and receive money from friends and family on the WhatsApp application. Mastercard cardholders banking with Nubank and Sicredi are among the first in Brazil to experience payments on WhatsApp. Additional banking partners are expected to join the program soon.
Leveraging Mastercard Send, millions of WhatsApp users can now use their phones to simply and easily transfer money instantly (24 hours a day, 7 days per week) . As social distancing measures propel consumers to seek alternative, touch-free payment methods, consumers can use WhatsApp to transfer money and make and receive payments seamlessly, securely and in a contact-free way.
Read More: Kensho Collaborates with NVIDIA to Advance Automatic Speech Recognition
Paying friends and family just got easier
Person-to-person payments (P2P) are experiencing significant growth across the world, driven by technologies and mobile platforms that consumers enjoy using at little-to-no cost to them. Globally, domestic P2P transfers are expected to reach more than $2.07 trillion in volume by 2022.
Until now, the P2P user-experience in Brazil was cumbersome and time-consuming. Consumers had to identify money transfer services and provide bank account information for recipients, who could wait for days to receive funds. With the enablement of P2P payments on WhatsApp, Brazilians will be able to send and receive money conveniently and securely by registering their debit card through the most popular instant messaging app in the country, eliminating the risks and inefficiencies associated with other payment methods including cash.
Read More: TerraPay Announces Readiness for the New World by Strengthening Management
