WhatsApp Relaunches Money Transfer Feature

WhatsApp on Thursday relaunched the money transfer feature. This feature, first launched on June 18, 2020, allows the transfer of money via the app.

It was only released in Brazil after the first launch and according to WhatsApp, there was a plan to spread out the service to many more countries. The feature was received as one of the best ways to pay a colleague and friend. The service, despite working for many people was suspended in less than a week. According to the Central Bank of Brazil, the service could have data privacy issues and could be a great threat to the Brazilian banks and Financial Technology companies.

This service is deemed to be more convenient compared to Apple’s similar service as the app is common to both Apple and Android users, compared to Apple Pay cash which only works between Apple users.  Also, WhatsApp has a wide reach in Brazil with over 213 million people using it.

India, being one of WhatsApp’s biggest markets could be the next target. Should WhatsApp roll out the service to other countries, it would take money transfer to a whole new level.

By Lilian waeni