According to the Bloomberg reports, the Central bank of Brazil has suspended the payment feature for Facebook’s Whatsapp all over the country. This was done just after the weeks of announcement of the launch of the messaging service.
The Central bank in a statement said that the decision was taken to maintain the cement system market.
It is noted by Bloomberg that the suspension will be used by a bank to assess the probable risk to the payment infrastructure of the country. This will also help them to work out if WhatsApp is obedient to regulation or not.
This can be seen as the biggest set back for Facebook payments endeavors.
According to the reports of TechCrunch, Facebook even after launching the biggest project in 2018, has struggled a lot in attaining regulatory approval for the services. Mexico is also testing the payment services of Whatsapp.
With this feature, WhatsApp had hoped, people can make use of it to transfer money to individuals or for businesses, provided the free service but will charge the processing fee of 3.99 percent.
According to the reports, more than 5 million merchants use the business version of this app. Even in India maximum people run and serve businesses through the app.
Presently, Brazil has said to enable the payment with visa and MasterCard. And have requested to be obedient or could face fines.