The Central Bank of Brazil (BC) has released its <a href="https://www.bloomberg.com/news/articles/2020-06-23/brazil-s-central-bank-suspends-whatsapp-payments" target="_blank" rel="noopener">notification</a> for Mastercard and Visa requesting them to not process money transaction via WhatsApp.

While announcing the suspension of Facebook Inc.’s WhatsApp messenger payment feature, the BC notified, 
<blockquote>“The decision aims to preserve an adequate competitive environment, that ensures the functioning of a payment system that’s interchangeable, fast, secure, transparent, open and cheap”.</blockquote>
<h2>Payment Feature Suspended Too Soon</h2>
Regarding this order, Tiago Severo Gomes who is a fintech and banking regulation specialists has stated that this is an unusual move by Brazil’s central bank because before passing the order, it did not present any argument for it.

In Brazil, the payment system of WhatsApp was launched a few weeks ago, by Facebook. Before that, many of the emerging markets around the world like India and Mexico tested the system for two years.

Recently, a WhatsApp spokesperson has notified that the Central bank of Brazil has suggested introducing an instant-payment system in the country. He said that the WhatsApp is focused on providing digital payment service to all of its users in the country along with its local partners and the central bank.
<h2>Central Bank Of Brazil To Introduce PIX Projects </h2>
Additionally, he mentioned that the Central Bank of Brazil has announced to soon launch its PIX project on digital payment and, WhatsApp and its partners have decided to support the bank in that project.

According to a source, WhatsApp did not have any idea regarding the bank’s decision, it was surprising when the company heard the Central Bank of Brazil has suspended its payment.

Regarding the payment suspension, the central bank has stated that now it could easily figure out whether the payment system of the country is facing any risk or not and whether it is following the necessary rules.

The BC added that if the payment system will start providing its services without consulting the regulators then it would have to face consequences.

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Central Bank Of Brazil Ceases WhatsApp Payment Feature In Country

The Central Bank of Brazil (BC) has released its notification for Mastercard and Visa requesting them to not process money transaction via WhatsApp.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Central Bank Of Brazil Ceases WhatsApp Payment Feature In Country

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