Facebook-owned messaging service WhatsApp has finally enabled a payments system in its app.
The company tested the system in India back in 2018, but Brazil where there are over 120 million WhatsApp users, will be the first country to see it launched nationwide.
In a blog post, WhatsApp says that the payments service is currently free for consumers to use but businesses pay a 3.99 percent processing fee to receive payments. The process will work by way of a six-digit PIN or fingerprint to complete transactions.
Users would be able to send and receive money by way of its messaging app, using Facebook Pay which the payments service WhatsApp owner Facebook launched last year. They will link their WhatsApp account to Visa or Mastercard credit or debit card.
The messaging app is already used by a lot of small businesses in the country as a way of marketing and Facebook wants to expand business tools for WhatsApp.
Facebook is yet to reveal when the new payments system is going to be available in markets across the world particularly in Africa where there is a boom in mobile money.