RIO DE JANEIRO, BRAZIL – On Monday, June 15th, WhatsApp released its payment service between friends and businesses in Brazil. App users are now able to transfer money among each other and pay for products or services. In this first stage, only users with Nubank, Banco do Brasil, and Sicredi credit or debit cards may use the payment service.
Cielo will be in charge of payment processing. In an interview, Matt Idema, WhatsApp’s director of operations, states that the payment service will be free to individuals. “If you are a business, there is a small processing fee and the funds are released in two days,” Idema said.
Users may transfer up to R$1,000 (US$200) at a time and receive up to 20 transactions per day, with a limit of R$5,000 per month. Only transactions within Brazil and in local currency are authorized.