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Whatsapp-Based Payment Services Launched in Brazil

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After months of speculation and testing, Facebook finally launched WhatsApp-based payment services in Brazil. On 15 June, Whatsapp announced that its users residing in Brazil would be the pioneers of a new payment service using Facebook pay. Facebook pay will be integrated into WhatsApp to make it easier to send and receive funds through the application.

In the announcement, Whatsapp noted that the payment services based on WhatsApp are free of charge in the meantime. For commercial purposes, i.e., the WhatsApp business will have to pay a 3.99 percent processing fee in order to receive payments. In addition, the messaging giants noted that a six-digit PIN or fingerprint code would be used to initiate transactions.

WhatsApp-based payment services to work with credit/debit cards

The service will be used by integrating Visa / Mastercard credit or debit cards into the WhatsApp account with early domestic partners such as Banco do Brasil, Nubank, and Sicredi. Cielo, the payment processing firm, is also working with WhatsApp to process payments. The firm has recently stated that it has created an open model to accommodate more partnerships.

The news of the payment services based on WhatsApp comes as a surprise since WhatsApp has been testing another system in India for several months now (the test uses another method, not Facebook Pay but UPI). Most people believed India would be the pioneering region for the payment service.

India is Whatsapp’s largest market

In fact, Facebook has been challenged by a regulatory situation in the region; limiting the pilot test to only a limited rollout in the second largest internet market in the world. Besides, India is WhatsApp’s largest market, with a user base of over 400 monthly active users. Brazil comes in as second with a monthly active user base of 120 million.

Facebook’s latest move to launch the WhatsApp-based payments services on the 2 billion users application, signals that the firm is taking a more thorough commercial jump. The mobile app is not only providing an avenue to communicate but also a platform to transact.

Dharma Launches Social Payments Feature Enabling Dollar Transfers to Any Twitter Handle

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Several mainstream financial companies have taken new and innovative steps to improve the process of capital transfer within the ecosystem. Since the start of proper fiat transfers, users have been clamoring for a more streamlined process that can be beneficial for everyone.

On April 22, Dharma launched its native social payments system to make capital transfers easier across Twitter. Using the latest feature, users will be able to send the US dollar to any Twitter handle regardless of the receiver’s geographical location. 

Dharma claims that its new update is the easiest way to pay and save money on a global scale. The decision to implement social payments was made after Dharma saw massive potential in allowing users to send money to Twitter handles. One of the most important highlights of the feature is that the person on the receiving end does not need to hold a Dharma account.

Dharma has also provided a detailed breakdown of the processes to be followed while sending and receiving money. Dharma’s Twitter thread said:

“Introducing Social Payments- a Twitter-native financial ecosystem. Today, you can send USD to any Twitter handle, regardless of where that person lives — even if they don’t have a Dharma account. Now *every* Twitter handle accepts (and earns interest on!) payments.”

One of the biggest gainers from the Twitter payment system will be the micropayment and tipping industry. In addition, Dharma claimed that it would be much easier for people to send money across borders to charities without any hassle. Businesses can also use the opportunity to make payments quickly and efficiently.

To kickstart the process, users need to first deposit the required funds to their Dharma account and then finalize the receiver Twitter handle. Once the payment is made through the Dharma account, the sender is required to retweet @Dharma_Bot and tag the recipient account on Twitter.

The receiver on their end has to initiate the link sent by the Dharma Bot after which they will receive the transferred funds to their newly created account. Another added advantage of the transfer feature is that the receiver will begin earning interest as soon as the fund hits their account. Dharma is the first platform to offer payments in USD and USD backed stablecoins.

Other platforms such as Brave and Tippin already allow tip transfers on Twitter but only using the Brave token or Bitcoin. The Dharma application is currently available on both Google Play Store and the Apple Store. Dharma was also in the news recently for developing a new specification for network scaling. Developers said that the addition would scale up the Layer 2 process by 10x, a significant figure in any network.