The Central Bank of Brazil recently approved a new payment service that allows merchants to accept payments through the popular messaging app WhatsApp. This move is part of the country’s efforts to promote digital financial inclusion and provide more options for consumers to make payments.
WhatsApp is one of the most popular messaging apps in Brazil, with over 120 million users. The new payment service will allow merchants to accept payments from customers directly through the app. Customers will be able to link their bank accounts to their WhatsApp accounts and make payments using their bank account information.
The approval of the new payment service is a major step forward for Brazil’s digital financial inclusion efforts. It will allow more people to access financial services, as well as provide more options for merchants to accept payments. This could help small businesses and entrepreneurs who may not have access to traditional banking services.
The new payment service is also expected to reduce the cost of transactions for merchants. Currently, merchants have to pay a fee for each transaction they make, but with the new payment service, they will only have to pay a flat fee for each transaction. This could help merchants save money and make it easier for them to accept payments from customers.
Overall, the approval of the new payment service is a positive step forward for Brazil’s digital financial inclusion efforts. It will provide more options for consumers to make payments and could help small businesses and entrepreneurs who may not have access to traditional banking services. It will also reduce the cost of transactions for merchants, making it easier for them to accept payments from customers.
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