Mastercard has introduced a new capability that allows cardholder's in Brazil to send money and receive money from friends and family through WhatsApp. The information was made known on the company's website.
The announcement follows the approval of Mastercard's new transfer scheme by Brazil Central Bank and a Payment Initiator license given to Facebook Pagamentos do Brasil Ltda by the apex bank. More banking partners are expected to join the program soon.
“This partnership with Facebook illustrates our ability to offer new and innovative ways to send and receive money in Brazil, with the needs of our customers at the core of our business strategy. By 2030, 55% of Brazilians expect all financial transactions to be made in real time (with funds available immediately). To make this possible, we will continue to work on developing interoperable solutions and standards focused on efficiency and user experience.” João Pedro Paro Neto, Mastercard President for Brazil and the Southern Cone
Mastercard debit cardholders with cards issued by Banco Inter, Itaú, Nubank and Sicredi, will have access to the innovative P2P WhatsApp service. The payments service on WhatsApp is enabled by Facebook Pay and processed by Facebook Pagamentos and Cielo.
“We are excited about the availability of this service. Facilitating the sending and receiving of money safely could not be more important at this time, as it not only decreases people's exposure to the pandemic, but also helps loved ones stay connected, broadens access to financial services and enables more people to participate in the digital economy,” said Matt Idema, WhatsApp's Chief Operating Officer.
Brazilians will now be able to send and receive amounts conveniently and securely by registering their debit card in the country's most loved messaging app, minimizing the risks and inefficiencies associated with other payment methods, including cash.
Brazil in focus
GDP: $1.84 trillion compared to Mexico's $1.269 trillion in 2019
Population: 211,049, 527 compared to Mexico's 125,575,529 in 2019
GDP per capita: $8,717 compared to Mexico's $9,946 in 2019
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