WhatsApp has finally launched its payment service that is based on Facebook Pay.
For now, only users in Brazil will be able to send and receive money through the app.
The payments service is free to use, but businesses generally pay a processing fee to accept payments (around 4%).
Setting up an account is simple: users just link their credit or debit card to their WhatsApp account.
Initial partners in Brazil include Banco do Brasil, Nubank and Sicredi.
Facebook had been testing the WhatsApp payment services in India for months, but had been unable to extend its payment service due to regulatory hurdles.
WhatsApp had been testing chats for businesses back in 2017 and later launched WhatsApp for Business as a dedicated option for small and medium-sized companies.
In a blog post, the company wrote:
“The over 10 million small and micro businesses are the heartbeat of Brazil’s communities. It’s become second nature to send a zap to a business to get questions answered. Now in addition to viewing a store’s catalog, customers will be able to send payments for products as well. Making payments simple can help bring more businesses into the digital economy, opening up new opportunities for growth.”
Payments made on the app are secured by a six-digit PIN or fingerprint.
The step marks a move into more commercial territory for the messaging app.