![]() ![]() Payment initiation is made possible by partnerships between financial institutions and payment service providers. In the case of WhatsApp Pay in Brazil, which will use Visa’s and Mastercard’s infrastructure, the acquirer will process the transactions, while WhatsApp will authenticate the users for each payment initiation. ![]() The PISP does not have direct access to the customers’ bank accounts, nor is it part of the financial flow in the transaction, but simply sends messages to the financial institutions in the payment arrangement. This is done through programming interfaces that establish contact between the payment initiator and the account provider institutions. When the final user registers a request to make a transfer, the PISP sends a command for the funds to be debited from the payer’s account and credited to the payee’s account. The payments initiation service provider (PISP) was regulated by the Central Bank in October 2020. WhatsApp payments were initially launched in Brazil as soon as June 2020, but the Central Bank suspended the operation at the time, allowing only pilot testing. In India, the service was officially rolled out in November 2020, and is integrated to the Unified Payments Interface (UPI) – similar to the Brazilian Pix. However, while most of these wallets are geared towards payments for goods and services, WhatsApp will be limited to transfers between individuals registered in the app.įor now, the WhatsApp arrangement is composed of the two flagships Visa and Mastercard, the acquirer Cielo, and the issuing institutions Banco do Brasil, Nubank and Sicredi.īrazil will be the second country to host WhatsApp Pay. WhatsApp Pay will work as a digital wallet, just like others such as Google Pay, Samsung Pay, Paypal and PicPay. To use the service, users will need to register a debit card or a prepaid card, which will be used to transfer and receive funds directly from and to their accounts. ![]() With this approval, WhatsApp, owned by the Facebook group, will be able to offer in-app peer-to-peer transfers.ĭetails about the new service have not yet been disclosed, but what is known is that like BCB’s instant payments Pix, transfers through the chat app will be free and available to users at any time, 24/7. as a payments initiation service provider. On March 30, the Central Bank (BCB) authorized Mark Zuckerberg’s Facebook Pagamentos do Brasil Ltda. Give us a call today and see how accepting online credit card payments with ASIA PAYMENT GATEWAY will change your business for the better, apply today for a credit card merchant account and receive cost-efficient rates that would boost your business to greater success.WhatsApp Pay should become a reality in the coming weeks, Mastercard told Reuters. Our customer service is live and is able to assist you 24/7! Our low rates make it easier for our customers to keep their business in great condition. Since our muscle grows on servicing high-risk merchants globally, we have over 27 acquiring banks and we are still growing! A combination tandem with IPSP's as well so we could secure an aggregated accounts to prioritize longevity of transaction for our trusted high-risk merchants. Our objective is to give customers the full satisfaction and be a reliable provider.ĪSIA PAYMENT GATEWAY has a broad global network which runs via our processing banks to merchant accounts with an effective credit card processing service. ABOUT US AsiaPaymentGateway is currently one of the fastest growing companies in the online card-not-present/e-payments industry.ĪSIA PAYMENT GATEWAY specializes in providing premium merchant accounts and other emerging needs in the industry of ePayments globally. ![]()
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