Brazil Central Bank pulls the plug on Whatsapp’s mobile payments Service

Brazil Central Bank pulls the plug on Whatsapp’s mobile payments Service
фото показано с : zycrypto.com

2020-6-25 17:11

The Central Bank in Brazil has suspended the WhatApp payment service by Facebook a week after its launch.

According to reports, the Central Bank has ordered Visa and Mastercard to stop payments and transfer services through WhatsApp immediately. In an order to the company, the bank explained that the decision is to “preserve an adequate competitive environment, which ensures the functioning of an interoperable, fast, secure, transparent, open and inexpensive payment system.”

WhatsApp launched its payments feature in Brazil last week. The payment system supported Visa and Mastercard cards from Sicredi, and Banco de Brasil, Nubank. Notably, if Visa and Mastercard fail to comply with the order, they will face fines and administrative sanctions.

The news comes a day after the Administrative Council for Economic Defense (CADE), the national competition regular in Brazil, blocked WhatsApp from collaborating with payments processor Cielo. According to the regulator, the partnership would give the two entities a significant market power since Cielo has a high market share, and WhatsApp has millions of users in  Brazil.

Another major set back for Facebook’s project

The decision has massively set back Facebook’s plans to venture into the various market. Prior to the launch, the company had been testing its services for two years in multiple markets. Currently, Brazil stands as WhatsApp’s second-largest market with more than 120 million users.

The WhatsApp payment service was created to help users exchange money with one another and pay for businesses.

While setting out their service, a WhatsApp spokesperson said.

“Our goal is to provide digital payments to all WhatsApp users in Brazil using an open model, and we will continue to work with local partners and the Central Bank to make this possible. In addition, we support the Central Bank’s PIX project on digital payments and our partners are committed to working with the Central Bank to integrate our systems when PIX becomes available,” 

Reportedly, PIX is a payments service by the Central Bank in Brazil that is set to be launched in November this year. The project has over 1000 partnerships with various industry players.

origin »

Bitcoin price in Telegram @btc_price_every_hour

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0033214 (-100%)

bank central payments brazil service whatsapp reports

Источник: zycrypto.com

bank central → Результатов: 126


Bank of Korea forms crypto unit as stablecoin rules shift

South Korea’s central bank is entering a new phase in its digital currency strategy with the creation of a dedicated “Cryptoassets Department.” This move comes as the nation shifts gears from research to implementation, aiming to monitor and influence stablecoin development while stepping back from a central bank digital currency (CBDC) rollout. The initiative is […]

2025-7-30 14:30


Cuba’s Central Bank Announces Digital Asset License For Crypto Companies

The Cuban central bank released regulations for virtual asset service providers on Tuesday, a move that some experts believe could help the Communist-run Caribbean island avoid hefty US sanctions. Cuban Central Bank Announces Crypto License The Central Bank of Cuba (BCC) has declared that virtual asset service companies would be granted licenses. The license will […]

2022-4-29 01:35


BoE Governor: A CBDC Would Need to Be ‘Very Carefully Designed’ to Overcome Challenges

The outgoing Bank of England (UK Central Bank) governor Mark Carney has reiterated his sentiments regarding a Central Bank Digital Currency. This was after the UK Central bank released a dossier touching on the CBDC that is supposed to store value and facilitate payments for both domestic and commercial transactions. The Outgoing Canadian is on […]

2020-3-13 22:19


South Korea’s Central Bank Set To Use Blockchain Technology For Bond Transactions

Bank of South Korea, the country’s central bank, has become the latest central bank to explore blockchain technology to enhance efficiency as well as transparency in interbanking processes. South Korea’s central bank is now seeking to emulate the World Bank which successfully introduced the use of blockchain technology in bond transactions. According to Cointelegraph the […]

2020-2-19 01:10


Bank of Lithuania Looks into Central Bank Digital Currency

Bank of Lithuania may be the next entity to look into Central Bank Digital Currencies (CBDCs), after multiple banks worldwide have expressed interest. All Aboard the Central Bank Digital Currency Bandwagon Following preliminary interest from central banks in China, as well as India, Cambodia, and to an extent the European Central Bank, the Bank of Lithuania has given attention to digital assets issued and backed centrally.

2020-1-31 16:00


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

What can be done about crypto scam ads?

Crypto scam ads promising wild riches have appeared on Facebook for years, yet there seems to be little progress in stopping them once and for all. With every passing week, the number of audacious crypto scam ads online — and…

Elon Musk suggests fight with Zuckerberg to stream on X

Elon Musk says his “bout” with Meta CEO Mark Zuckerberg should be streamed on X. Chancer is expected to disrupt the traditional bookmaker with a new betting model. $CHANCER presale has surpassed the $1 million mark amid huge investor interest.