WhatsApp Pay - See how it works
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Send money without leaving the conversation? See how WhatsApp Pay works!
On May 4, 2021, Facebook (Meta) launched WhatsApp Pay, a digital, secure, and free money transfer method.
The update to this tool has been gradually rolling out to users of this application, but currently, it already covers a good portion of the expected number of users.
People are still getting familiar with this payment method; some are a little hesitant to use it and don't know how it works.
If you're part of this group, keep reading and find out how WhatsApp Pay works.
What is WhatsApp Pay?
WhatsApp Pay is a feature of the app that allows you to transfer money directly from a conversation.
With this tool you can transfer money, even as a form of payment to your contacts, without having to open your bank's app or leave WhatsApp.
The term "Pay" is an abbreviation of "Payments," which translates to "Payments." However, this term also means "to pay.".
Basically, that's exactly it! WhatsApp Pay is a channel for receiving and making payments via bank transfer.
This tool is managed by Facebook Pay, while Cielo is responsible for the transactions.
How does WhatsApp Pay work?
This tool is available for both individuals and legal entities; however, the latter option charges a percentage of 3.99% on each transaction.
To start using it, you need to register a debit or prepaid card from partner financial institutions.
Unfortunately, the list of banks that have adopted this payment model is still small; they are:
- Banco Inter Mastercard;
- Bradesco Visa;
- Banco do Brasil Visa;
- BTG+ Mastercard;
- Itaú Mastercard;
- Neon Visa;
- Mercado Pago Visa;
- Next Visa;
- Nubank Mastercard;
- Santander Mastercard;
- Sicredi Mastercard and Visa;
- Woopi.
If you don't have an account with any of these banks, you can easily open one with these options.
On our blog you'll find relevant information about all the options on this list, making it easier to decide.
If you don't want to open an account right now, that's fine. The expectation is that this list will grow gradually, so just wait until your bank is eligible.
Each transaction by an individual must not exceed R$1 thousand. Beyond that, you can make up to 20 transactions per day, but the total value cannot exceed R$5 thousand per month.
If you are a legal entity (PJ), there is no limit on transactions, but you pay a fee of 3.99% for each transaction.
The rate isn't very attractive, so it's worth considering whether this is the most economical option for transferring money.
How do I transfer money using this tool?
First, you need to check if this option is already available in your app.
If it's not there yet, update the app to see if it appears; if it doesn't, you'll just have to wait.
The tool is available, okay. First, you need to register your debit or prepaid card; otherwise, you won't be able to make any transfers.
Find the contact you want to send money to and join the conversation. Where you type your message, an image of paperclips will appear; you can use it to send photos, documents, etc.
Between this icon and the camera icon, the Real symbol “R$” appears; clicking on this icon allows you to register a card and transfer money.
The process for transferring money is very simple; you just need to select the amount and an optional description.
Finally, complete the operation by clicking on the green arrow pointing to the right corner of the phone screen.
You can also request money using WhatsApp Pay; the process is the same, however, instead of clicking "Pay," choose the "Request" option next to it.
The money will be credited to the destination account within a maximum of two business days. The transaction will only be approved if you have sufficient funds on your card for the amount specified.
So, have you transferred money using WhatsApp Pay yet? Did you encounter any difficulties?
