In fact, “WhatsApp Pay” arrived in Brazil as WhatsApp Payments, so that friends and family can send money to each other without using a bank application and without leaving the conversation. Here, I gathered 10 questions and answers about the operation of payments by WhatsApp: limits, accepted cards, security, among others.
1. Can anyone use WhatsApp Pay?
No. You must be at least 18 years old to use the feature. It is also necessary to have a debit card (or multiple with the debit function) from one of the partner banks (below) to send payments via WhatsApp.
2. What is the difference between Payments from WhatsApp to Facebook Pay?
WhatsApp Payments is a feature that is within Facebook Pay and the latter is a product of the company Facebook, Inc.
Confused? Facebook is a company that owns several products, including the social network Facebook, Instagram and WhatsApp. Rather than developing a separate payment platform for each product, it is more viable to integrate all products into one channel.
Therefore, wallet and transfer data are recorded on Facebook Pay, WhatsApp Payments is just the “interface” that accepts user commands. In Brazil, these transactions are carried out in partnership with Facebook Payments of Brazil Ltda., A payment service provider authorized by the Central Bank.
3. How much does it cost to send or receive via WhatsApp Pay?
It costs nothing. No percentage of the transaction remains with Facebook or WhatsApp. The user only needs to pay attention to the bank account balance, so as not to fall into the overdraft.
4. What is the limit for payments on WhatsApp Pay?
As WhatsApp says, the Payments feature is only used to pay friends and family, it does not replace, yet, a more robust system like Pix, for example, precisely because it has transaction limits. With WhatsApp Pay, the restrictions are:
- Up to R $ 1,000 per transaction;
- Only 20 transactions can be received per day;
- The monthly limit for transactions is R $ 5,000 (sent or received).
WhatsApp also comments that the registered financial institution may establish other limits for the use of the tool.
5. What cards can I use on WhatsApp Pay?
For now, it is only possible to pay with debit cards. Multiple cards are accepted for the debit function.
6. Which banks are already accepted on WhatsApp?
To use WhatsApp Payments, debit cards from the following banks are accepted:
- Banco do Brasil: Visa;
- Inter Bank: Mastercard;
- Bradesco: Visa;
- Itaú: Mastercard;
- Mercado Pago: Visa;
- Next: Visa;
- Nubank: Mastercard;
- Sicredi: Mastercard and Visa;
- Woop, Sicredi’s digital account: Visa.
7. How to register a payment method on WhatsApp?
If you have one of the cards and their accounts at the financial institutions above, you can now use WhatsApp to send money to friends and family (as long as they also have one of these accounts to receive). You can include more than one form of payment, but the limits are the same. Check out how to register a payment method on WhatsApp.
If you send money to someone who does not have an account with partner banks, WhatsApp Payments will refund the amount in 24 hours.
8. Does WhatsApp encryption protect payments?
It is a little different: in conversations, there is end-to-end encryption to protect the conversations, that is, only the participants in that discussion can read the messages. In payments, as it involves other companies to effect the transaction (the banks), there is protection, but a little differently.
WhatsApp ensures that communication between your phone and WhatsApp servers is encrypted. This information is saved in a separate location, with multiple layers of software and hardware protection.
When making a transaction, a PIN configured on Facebook Pay is required to complete the transfer – or biometrics, if the user has enabled this option. When saving a debit card for payments, the owner must also verify by SMS or the corresponding bank application.
According to Facebook, there is also an anti-fraud monitoring that protects the user from unauthorized activities and a customer service will be available for matters related to WhatsApp Payments.
9. How to avoid falling for scams using WhatsApp Pay?
Like the other platforms, scams will appear: be it on a phone call, a “friend or relative” message asking for money to borrow, an email or whatever else the scammers’ creativity allows. Therefore, you need to be attentive and check the information before sending money.
There are some tips to protect your WhatsApp account and prevent scams, such as the well-known SIM Swap. Other examples can also help to open your eyes to the dangers involved in the messenger.
10. Can I make payments on WhatsApp Web / Desktop?
Not yet. WhatsApp Payments only works on your smartphone.
With information: WhatsApp 1, 2, 3, 4.