Do you remember the last time you managed to go a whole day without using WhatsApp? Unsurprisingly, the application has become part of the daily routine, used for personal communication, in the work environment, and even as a powerful sales channel.
Created in 2009, the application’s initial objective was simple: to offer a dynamic alternative to the traditional exchange of messages via cell phone, based, at the time, on SMS. Over the years, several features have been added, from sharing photos and exchanging audio messages to making video conferencing calls, which are increasingly important nowadays.
Well, on May 4, 2021, the application launched its newest feature: WhatsApp Pay, its tool that allows, in a simple and fast way, the transfer of money between users without the need to access the banking platforms or payment of fees for the service.
The tool hits the market with a bold proposal: to bet on the simplicity, ease, and speed of the procedure for transferring funds to streamline financial transactions between individuals (for now, the function has not been made available to legal entities).
So, have you ever used WhatsApp Pay? Are you interested and want to know more about the tool and how to access the new feature? So keep reading for all the details!
What Is WhatsApp Pay?
WhatsApp Pay or WhatsApp Payments is a new tool associated with WhatsApp. It allows its users to quickly make payments or money transfers using the application’s primary interface.
Which has 130 million of the more than 2 billion users of the application in the world, was the second country chosen by Facebook (controller of WhatsApp) to make the new functionality available, right after India. And there is an explanation for this choice: the messenger is present in 99% of existing cell phones and with daily access by 98% of its users in the country, which guarantees a rapid potential for expansion and popularization of the new functionality.
How Does WhatsApp Pay Work?
The feature works similarly to a Bank transfer, like the already traditional TED and DOC or the newbie, but already quite popular, Pix. The money leaves the sender’s account and is deposited directly into someone else’s account. One of the company’s main bets is the possibility of carrying out financial transactions 24 hours a day, seven days a week.
There is a specific plan so that, in the future, there is an integration between the payment platform and Pix, but it is not yet a reality.
For now, the service is only available for transactions between individuals. Still, the company promises to add the option of payments to legal entities soon, without, however, indicating a date or forecast for the availability of this function.
How To Get Access To The New Feature?
The payment function works through Facebook Pay, but it is not necessary to have a Facebook account to use it. The entire procedure can be done through the WhatsApp platform, including the initial registration required for the first access.
The registration procedure, however, has different paths, depending on the system you use – Android or IOS.
What Does The Arrival Of WhatsApp Pay Represent?
WhatsApp Pay represents a new financial service option for consumers, more practical and straightforward than operations that require the intermediary of banking applications but with the same degree of security.
The potential of the new service is vast, as it is open to new features and can work through traditional financial operations, Pix, or even cryptocurrency transfers, impacting the way trades are made, especially when the service reaches companies.
The same applies to scams that originate from social engineering, that is, when the scammer manages to convince the user to transfer resources for indirect reasons (such as, for example, impersonating other people) or when the user provides all the data for payment to third parties.
And that is precisely why WhatsApp highlights that the tool’s purpose is to facilitate financial transactions between known users, and there are still no procedures available for companies.