WhatsApp Payments Suspended by Brazil’s Central Bank

Cointelegraph

Published Jun 23, 2020 11:56PM ET

Updated Jun 24, 2020 01:40AM ET

Brazil’s central bank has ordered Mastercard (NYSE:MA) and Visa (NYSE:V) to suspend processing money transfers on behalf of Facebook’s WhatsApp.

According to official information shared with Cointelegraph Brazil, the Central Bank of Brazil (BC) took action against WhatsApp Pay “to preserve an adequate competitive environment” and allow the central bank to assess the risks posed by the firm to the country's existing financial sector.

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