Central Bank of Brazil stops WhatsApp payment service

26.06.2020 / Payment system news

The main financial regulator of Brazil banned the use of a payment solution from WhatsApp, arguing the step by the need to remain competitive.

It is worth noting that at the moment, the central bank has issued a corresponding decree, which states that if Visa and Mastercard do not stop their activities in this direction, they will pay a fine and will be subject to administrative sanctions. Earlier, the National Administrative Council for Economic Protection also introduced a ban on the Cielo service for working with WhatsApp, since it controls a significant part of the market, and the mobile application has a multi-million audience. Total control over these participants will create a transparent system and closely monitor their activities.

In turn, WhatsApp noted that they will work to resume the work of their service in Brazil.