Starting this Monday (June 15th), Brazilian users will be able to perform financial transactions on WhatsApp. With the novelty, users will be able to send and receive money, as well as pay bills and make purchases through the application, according to the Bitcoin Era medium.
Brazil was the country chosen to launch the payment and money transfer service called Facebook Pay. In addition to the business accounts that use the application, the functionality will also be available to individuals.
Therefore, it will be possible to send and receive money between friends, without paying any fee for it. However, for business accounts there will be a fixed charge for payments received by Facebook Pay.
Facebook Pay opens in Brazil
Brazil was chosen as the first country in the world to receive Facebook Pay features. The money transfer system works through WhatsApp and in the future can integrate other enterprise applications such as Messenger and Facebook.
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To start using Facebook Pay, users must register a debit and/or credit card. With this integration, WhatsApp will allow you to send and receive money between application accounts.
With Cielo’s intermediation, the functionality will allow the integration between the bank accounts of the institutions previously registered in the electronic transfer system of Facebook.
Shipping up to R$ 1 thousand per transaction
WhatsApp’s new functionality has some restrictions on the application sending and receiving money. In total, the transactions of users considered as individuals cannot exceed R$5,000 per month.
The minimum amount to send money between WhatsApp accounts is 1 real, and no transaction can exceed the 1,000 real limit. The number of transactions per day is also limited on Facebook Pay to only 20 transactions.
On the other hand, users who are considered legal entities and use WhatsApp Business can have an unlimited account. This means that for merchants there will be no limit on the amount and number of transactions and only one Heaven account is required.
Meanwhile, business accounts must pay a fixed fee of 3.99% for each cash receipt.