The Central Bank of Brazil has ordered Mastercard and Visa to stop processing WhatsApp payment transactions, CoinTelegraph has reported.
The Central Bank of Brazil has reportedly taken the decision to suspend WhatsApp Pay, the payment service of the popular messaging app in the country, in order "to preserve an adequate competitive environment" and gain time to evaluate the risks that service represents for Brazil's financial sector.
The central bank has reportedly threatened to impose fines on Visa and MasterCard if they do not comply with the order to stop processing WhatsApp's payment transactions.
The bank says it has decided to suspend the operation of the app in its territory to take measures to ensure "the functioning of an interoperable, fast, secure, transparent, open and cheap payment system."
WhatsApp Pay, which has been tested in several emerging markets for two years, has been operating in the country for less than one month.
However, the central bank has reported it plans to integrate the WhatsApp payment function into PIX, the central bank's next blockchain-based digital payment system.
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