For years, WhatsApp has been working towards launching its own payment service, first releasing one in India last year. But before that, the company struck a deal with Brazilian banks, though it had to postpone the launch in the country due to regulatory scrutiny. It looks like whatever issues there were have been worked out, as the company has announced that it's rolling out digital payments to WhatsApp in the Latin American country now, powered by Facebook Pay.
WhatsApp's recently launched digital payments system for Brazil has been suspended merely one week after its launch. The decision was handed down yesterday by Brazil's Administrative Council for Economic Defense (CADE) and the country's Central Bank, both of which are concerned about how it could harm competition with existing institutions in the domestic market.
For more than two years, WhatsApp has been working towards its own payment platform in India, and it looks like these efforts will soon pay off. As Moneycontrol reports, the company plans to launch WhatsApp Pay in cooperation with four financial institutions by the end of May. The service will be based on India's government-supported digital payment platform UPI (Universal Payment Interface).