Cash transfers today, can be as simple as a push of a button after a fingerprint authentication step. Gone are the days where we need to request for the payees’ bank details, queue at the ATM, and painstakingly key the long line of figures into the archaic machine.
However, soon enough, we won’t even need bank applications for our cash transfers anymore. Rejoice, because a payment feature is coming to Whatsapp very soon. This will be supported through Facebook Pay, which will be launched on their WhatsApp platform.
As of now, there is no extra fee for sending or receiving money between individuals but a 3.99% commission is charged on businesses.
To enable money transfers on the chat platform, users must link their bank cards to their WhatsApp account. Like most monetary transactions, there are additional security measures to safeguard the process—like a six-digit PIN code or fingerprint authentication sensor.
This feature is currently only available in Brazil but will be available to us soon—though the exact launch date is not stipulated at the moment.
With increasing convenience of cash payments and receipts, there’s really no excuse to “miss” your bills or “forget” to pay your friends when the group goes Dutch again. Time to send this to that one friend who somehow always forgets to clear their debts.
We're hiring lifestyle writers!