June 15

Facebook’s WhatsApp Brings Digital Payment to Users in Brazil

By Jessica Resnick-Ault

WhatsApp is working with Cielo, Brazil’s largest credit and debit card operator, to process the payments. The news sent Cielo’s shares soaring 30% on a day when stocks worldwide, including in Brazil, were in red due to fears of a second coronavirus wave.

WhatsApp tested the system in India beginning in 2018. The Brazil launch will be the first nationwide rollout and will introduce the ability to directly pay a business.

The company has over 120 million individual users in Brazil, its second-largest market behind India.

Photo courtesy of Betshy.

Source: Reuters (link opens in a new window)

Coronavirus, Finance, Technology