Mastercard Announces Partnership With Facebook for Brazilians to Send and Receive Money Using WhatsApp
WhatsApp users in Brazil can now transfer funds and pay companies directly in the app, quickly, conveniently and securely
Mastercard today announced the extension of its partnership with Facebook to offer an innovative way for Brazilians to send and receive money to friends and family on the WhatsApp app. Mastercard cardholders who make bank transactions with Nubank and Sicredi will be the first in Brazil to use the tool on WhatsApp. Soon, more banking partners are expected to join the program.
Using Mastercard Send , millions of WhatsApp users can now use their phones to transfer money simply and easily, instantly (24 hours a day, 7 days a week) . While social distance measures encourage consumers to look for alternative methods of paying without touch, WhatsApp appears as a new option for making transfers, in addition to making and receiving payments in a transparent, secure and contactless way.
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Paying friends and family just got easier
Instant payments (P2P) are growing significantly around the world, driven by mobile technologies and platforms that win over users at little or no cost. Globally, domestic P2P transfers are expected to reach more than $ 2.07 trillion in volume by 2022².
Until now, the user experience of P2P technology in Brazil was complicated and time consuming. Consumers needed to identify money transfer services and provide bank account information to recipients, who often waited days to have the amounts credited.
With P2P enabled on WhatsApp, Brazilians will now be able to send and receive money conveniently and securely by registering their debit card through the country’s most popular instant messaging app, eliminating the risks and inefficiencies associated with other payment methods, including cash.
The new solution meets the needs of Brazilians who are increasingly looking for fast and secure ways to send and receive funds, whether to reimburse a friend for a meal, pay rent to a roommate or simply lend an amount to a family member .
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The inclusion of small businesses in electronic payments
In addition to making transfers, WhatsApp users can also pay companies via the WhatsApp Business Application. This allows instant digital payments for goods and services for millions of small businesses in Brazil.
Mastercard cardholders can register their credit or debit card to make their purchases safely. According to a recent study³, 60% of Brazilian consumers already use WhatsApp to interact with small businesses, whether to order products, negotiate prices or even schedule appointments.
Now, enabling the functionality through WhatsApp will allow consumers to complete their shopping journey with their favorite businesses, without leaving the app.
“As a payment technology company, we work to bring new products to promote financial inclusion in a safe, practical and easy way for continuous transactions. This partnership with Facebook shows our ability to revolutionize the options for sending and receiving money in Brazil , keeping the needs of our customers at the forefront of our strategy and supporting small local companies, “said Joao Pedro Paro Neto , president of Mastercard Brasil and Cone Sul.
“We are very excited to bring payments on WhatsApp to Brazilians. Facilitating the sending and receiving of money could not be more important than at a time like this,” said Matt Idema , WhatsApp’s Director of Operations. “Small businesses are the backbone of the country. The ability to easily sell on WhatsApp will help these entrepreneurs adapt to the digital economy, in addition to supporting growth and financial recovery.”
Security in all WhatsApp payment transactions
Linking your preferred credit or debit card to the app is highly secure, thanks to the use of Mastercard’s cutting-edge tokenization solution. The technology protects the cardholder’s information by replacing the original 16-digit card number with a unique alternative number, or “token”, associated with the individual account of each WhatsApp user and which does not work elsewhere. After creating the token, consumers will need to enter their security PIN whenever they want to perform a transaction.
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