14 DAY TRIAL // WhatsApp, the world’s number one mobile messaging app, has started rolling out a new feature that allows users to send each other money using nothing more than a single message.
The whole thing is performed right in the conversation window, similar to how Apple users can send each other funds using iMessage.
For the time being, this new money transfer option is only available in Brazil for customers of a few banks, like Banco do Brasil, Nubank, and Sicredi. Both Visa and Mastercard debit and credit cards are accepted, and WhatsApp says it’s already working with more companies to expand the service.
What the company didn’t say is whether it plans a global rollout for the feature, albeit bringing the new feature to more countries is most likely a priority right now.
No fee for consumers
WhatsApp also allows users to send payments for products when connected to businesses, and it’s all powered by Facebook Pay.
“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,” the company explains.
Needless to say, the service comes with built-in security options, so users are required to set up a six-digit PIN or to enable biometric authorization to block any attempt to perform a payment without consent.
As far as the fees for using the service are concerned, WhatsApp says only businesses must pay a processing fee to receive customer payments. Consumers can use the feature to transfer funds without any extra cost.
“In the future we want to make it possible for people and businesses to use the same card information across Facebook’s family of apps,” WhatsApp concludes, suggesting that deeper integration is already in the works.