Digital bank Nubank joins WhatsApp’s mobile payments in Brazil
The new feature will allow users to transfer money and make payments in the messaging app.
From yesterday, WhatsApp’s 120m Brazilian customers can make payments through its messaging service.
Users of the app will be able to link both Visa and Mastercard credit and debit cards from traditional banks Banco de Brasil and Sicredi and digital bank Nubank.
Nubank recently reached a milestone of 25m customers across Latin America, making it the largest independent bank in the world.
When the digital bank passed the milestone earlier this month, co-founder and CEO David Vélez said he and his team wanted to “reinvent the way in which people use and relate to financial services”—the launch yesterday makes Nubank the first fully digital bank to support WhatsApp’s payment platform.
Of the launch, Vélez said: "Nubank’s mission has always been to fight the complexity people face in their relationship with money.”
“Now, our clients will be able to make payments on WhatsApp as easily as they chat with friends, without extra fees.”
Through the app, users will be able to send a maximum of R$1000 (~£150) per transaction and receive up to 20 transactions a day, with a monthly maximum of R$5000 (~£770).
Users can make a payment without even leaving their chat and it is free to send money, the only fee is a processing charge for businesses using the service.
In a blog post, WhatsApp hinted that the new feature could soon be rolled out across all Facebook-backed apps for both business and personal use.