While Facebook is an infinite number of regulatory obstacles to the launch of the Libra project, the purpose of which are global cross-border payments, it is recently launched in Brazil payment service on the platform of WhatsApp, called WhatsApp Pay, suspended.
The decision made by the Central Bank of Brazil and motivated by the need to maintain the country’s competitive environment, adequate to the budding startups. The suspension of the project will also give the financial regulator time to study and assess the risks associated with payment Pay WhatsApp infrastructure and safety of customers. The Central Bank will be able to assess the threat to the existing financial sector of Brazil.
Not difficult to imagine the importance of the project for Facebook WhatsApp Pay in a country where 120 million users. Moreover, Brazil occupies the second position in the ranking of Bitcoin maximalists on the global map of the cryptocurrency, and its citizens demonstrates the increased interest in the digital currency.
However, the first deployed on the national market of mobile payment service Pay WhatsApp, allowing you to quickly make payments for goods and services, to make transfers of funds, stuck in regulatory networks of Brazil as well, as it happens in the running two years ago to test in India the WhatsApp service Pay.
WhatsApp Pay suspension entails the termination of the transaction Mastercard and Visa, integrated into the WhatsApp Pay. Failure to comply with the Directive of the Central Bank involves significant administrative sanctions and penalties for violators.
The representative of the WhatsApp Pay for a feed TechCrunch stated that the purpose of his service is to use the “open model”, and she continues to work with “local partners and Central Bank to make this possible.”
As we know from recent statements by the Central Bank, in November of the current year is preparing the launch of the project PIX, its own payment service, Central Bank for which the Bank has established partnerships with nearly a thousand participants.
WhatsApp Pay the representative confirmed that the service supports the draft Central Bank of the PIX, which is aimed at the implementation of digital payments and, together with its partners, intends to cooperate with the Central Bank for the integration of systems, after entering the PIX in the operation.