Brazil’s central bank suspends WhatsApp payments

The Brazilian Central Bank has suspended WhatsApp payments, citing competition concerns, just over a week after the messaging app's payment service launched in the country.

In statement, the central bank said the decision had been taken to allow it to evaluate potential risks to the country’s payment infrastructure and to establish whether WhatsApp complies with domestic regulation, according to Bloomberg News.

The bank has requested that Mastercard and Visa stop providing transfers and payments on the app.

The statement explained that the central bank took the action to “preserve an adequate competitive environment, that ensures the functioning of a payment system that’s interchangeable, fast, secure, transparent, open and cheap".

Brazil is the app’s second largest market after India, with more than 120 million users.

WhatsApp launched the payments service - which enables individuals and businesses to make and receive payments on the messaging app - in India as a beta in 2018 and has since tested it in Mexico.

The decision of a major monetary authority to halt the rollout is a blow to Facebook’s plans to move into financial services, which have been met with resistance from regulators.

    Share Story:

Recent Stories


Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.

Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.

Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.