WhatsApp Says Brazil Central Bank Willing to Restore Payments Service

WhatsApp Says Brazil Central Bank Willing to Restore Payments Service

Facebook messaging service WhatsApp said on Thursday that the Brazilian central bank intended to find a way to restore the payment service in the country by working with Visa and MasterCard.

“The central bank clarified that they support platforms such as WhatsApp that are innovating in digital payments,” WhatsApp chief Will Cathcart said in a statement.

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On Tuesday, Brazil’s central bank and antitrust watchdog suspended WhatsApp’s newly launched payment services, as they see potential pitfalls in the areas of competition, efficiency and data privacy. The regulators blocked the WhatsApp partnership with Visa, MasterCard and Cielo SA.

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As Cielo is the only one to receive the card in a deal with WhatsApp, Brazil’s antitrust watchdog Cade is investigating whether the terms of the partnership may favor it in terms of exclusivity.

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Cade estimates that WhatsApp could increase Cielo’s card transactions by 10 percent in the conservative landscape. Cielo is already the nation’s largest acquaintance with 41 percent market share

Brazil is the first country where WhatsApp has announced a nationwide payment service. It has over 120 million users, its second largest market after India.

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