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Alfred Lee16 Jun, 2020
Facebook has always been looking to dominate the e-commerce and payments space.
Earlier today, WhatsApp announced that the messaging app will now begin allowing users to send and receive payments from within its app.
Users in Brazil will be the first to experience this new feature.
In a blog post, WhatsApp mentions that the payment service will be free for consumers, while businesses will pay a 3.99% processing fee when receiving payments.
Users can begin taking advantage of this feature by linking their debit/credit cards with their WhatsApp account.
WhatsApp has also built an open model to form partnerships with local banks to complete transactions as well.
This new move hints at the possibility of Facebook eventually moving into the cross-border payments space, followed by financial services in developing countries.
Earlier this year, Facebook rolled out a series of e-commerce tools for users affected by the pandemic, aggressively pushing into the online shopping and digital payments space.
Whether Facebook will succeed in becoming a mainstream payment processor for the world is yet to be known, as the company still faces many regulatory hurdles for the time being.