On June 15, 2020, WhatsApp announced that it will finally be receiving the financial transactions feature already available on other Facebook platforms – the company responsible for the messaging application since its acquisition in 2014.

Considering the popularity of WhatsApp in London, this is a novelty that can really make a difference for thousands of businesses and, therefore, in this article we will present everything you need to know about Facebook Pay.

Facebook Pay or WhatsApp Pay?

The first thing we need to explain is that WhatsApp’s transaction processing feature is not really called WhatsApp Pay. In fact, it makes use of Facebook Pay, a solution launched in 2019 by the company and which aims to serve not only WhatsApp and Facebook, but also Facebook Messenger and Instagram.

However, in London, until the first half of 2020, the feature was not available on any platform other than Facebook’s own social network.

It was speculated that the name of this feature would be WhatsApp Pay, as this was a name widely used during the testing period first conducted in India. But no, being launched as Facebook Pay.

To clarify: when we talk about WhatsApp Pay, we are talking about Facebook Pay, but in a targeted way to WhatsApp.

How does WhatsApp Pay work?

WhatsApp Pay is not an independent application, in fact, as already mentioned, it is one of the features offered by Facebook Pay which, in turn, is a solution for transaction processing integrated with the company’s applications.

This means that this function can be configured directly from your WhatsApp profile and, unlike the version for the social network, it will not be necessary to have a Facebook account for this.

The WhatsApp Pay registration and configuration process involves entering your data, credit or debit card information and creating a security PIN code.

There is no fee on transfers or receipts of values ​​made through Facebook Pay through WhatsApp. However, the company makes explicit the possibility of charging a fee on the trading of products from merchant accounts, that is, through the use of the feature in WhatsApp Business.

Every transaction made through the resource can be easily recognized on your statement with a code that starts with “FBP” and ends with the last four digits of the transaction identification.

How to send money or make payments via WhatsApp

The company has made sure to simplify the process of sending and receiving money within the app, so you can do it directly from conversations with your contacts, with just two steps:

Step 1: After setting up your account, you can simply open a conversation with a contact, tap the attach icon and then select the cipher icon.

Step 2: Enter the desired amount, enter your Facebook Pay security code (PIN) and click send.

Disclosure images from Facebook Pay showing three smartphone fronts side by side

Payment methods available on WhatsApp Pay

As of the time of writing this content (June 18, 2020), Facebook has accredited the following banks:

  • Bank of London;

  • Nubank;

  • Sicredi;

Just like Cielo, the Visa or Mastercard network. However, the company says it is working to expand support for more banks and other payment networks, asking users to wait if they can’t find an option that can serve them.

Is WhatsApp Pay safe?

Security is a critical aspect when it comes to financial transactions and, considering the dangers related to the use of smartphones, such as thefts, viruses, information theft and other serious problems, there is no denying that there is some fear about how reliable the platform will be. for payments.

Anti-fraud monitoring and secure storage

Facebook ensures that it has cutting-edge technology designed to ensure the security of your data and transactions through features such as anti-fraud monitoring – capable of detecting suspicious activity – and storing payment data separately from your WhatsApp account data.

Prepared support

In addition, it is important to mention that the company is available to assist you through its support team 24 hours a day via email – thus, it is easy to resolve adverse situations, such as unauthorized transactions, problems in processing transfers and payments , etc.

security code

The PIN code created when configuring Facebook Pay can be replaced by biometrics, such as facial recognition or through your fingerprints. This means that even if your device is stolen or accessed by a third party, other people will not be able to access your payment information.

Confidential transactions

Finally, your transactions are confidential. This means that the only way for other connections and users to know about them is if you decide to share them yourself.

Security illustration for WhatsApp on a green background

Is it worth offering WhatsApp Pay in your business?

Now that you know all about the new functionality included with Facebook Pay, you may be wondering if it is really worthwhile to start accepting payments and making transactions from the messaging app.

Today, thousands of businesses already use the application and “sending a zap” to the service team is not a concept that is not uncommon. So, if you already serve customers through the app and leverage WhatsApp resources to sell more, this feature will be really welcome.

However, do not forget that the quality of the service must come first and, therefore, it is important to be able to track all sessions and conversations initiated by customers from different service channels.

To do this, be sure to integrate Websites Are Us with WhatsApp, Facebook Messenger and the other service channels offered by your business, such as phone and email. Talk to us here in the chat to find out how it works!

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