Member Exclusive, Payments
WhatsApp launches payments in Brazil
- After months of testing, Facebook's WhatsApp launches payments in Brazil.
- The country's 120 million users will be able to pay merchants and send money to one another without leaving a chat.
WhatsApp’s launch of payments in Brazil is a prime example of innovative initiatives by Facebook and one of the reasons I love the company so much.
With over 3 billion users, across their applications, Facebook’s platforms provides an unparalleled user base and technology that allows them the ability to create eco-systems with massive scale.
I believe when Facebook announced Libra last year, it shook governments around the world. Post that announcement those governments realized, for the first time, that Facebook has the capability to actually take over the monetary system with its proposed digital currency idea. The Libra concept is what propelled the Federal Reserve into high gear around working on its own digital currency backed by the fiat currency.
In my opinion, the WeChat model is the best business out there – you can hail a cab, book a doctor’s appointment, make a dinner reservation and buy a car, all on your phone. I think Facebook is looking at a comparable opportunity with this announcement around WhatApp payments in Brazil, and I believe this is only the beginning.