Brazil to approve WhatsApp payments if rules are obeyed

WhatsApp payment

Latin America’s largest economy, Brazil’s said it will authorize a payment system involving Facebook Inc’s WhatsApp messaging service, to send money and make payments via chats, as long as all rules are respected.

The country’s director of the central bank, Joao Manoel Pinho de Mello said on Monday as cited by Reuters.

“We view the entry of ‘big tech’ as a huge opportunity. Everyone can participate. We will allow it, no problem. People can take whatever path they want, (do) whatever initiatives they want,” as long as rules and regulations are met, he said during a live online event hosted by Genial Investimentos.

It would be recalled that the central bank suspended the newly launched WhatsApp payment service last month and said it is analyzing whether the service can operate safely in terms of data protection and competition.

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