WhatsApp does payments??? I never knew of this.
In fact I see no sign of it in the app whatsoever. Must be a regional thing?
Brazilian authorities suspend WhatsApp payments
81–90 of 118 posts
Re: Brazilian authorities suspend WhatsApp payments
#82Earlier quoted context omitted.
> money transfers are going to be less complex, clunky and costly. You really think the Brazilian central bank is going to make a smooth, efficient, and cheap money transfer service? What reason do you have to expect that to work?
Pretty sure you are viewing it from an American perspective. India has had a government created smooth efficient money transfer service for >17 years now. There are multiple systems - all created by the government - and they work perfectly almost all of the time.
Just wondering (not criticising), why would the government create and run multiple systems doing the same?
Is this something to do with the differences between regional states in India?
Re: Brazilian authorities suspend WhatsApp payments
#83Earlier quoted context omitted.
> money transfers are going to be less complex, clunky and costly. You really think the Brazilian central bank is going to make a smooth, efficient, and cheap money transfer service? What reason do you have to expect that to work?
Has worked elsewhere. Here in the UK, money transfer is mind boggingly fast, and free.
It is everywhere in Europe but there is a problem with IBAN transfers. It exposes a lot of details, like your name and your bank branch, to the receiver. And some sites accept IBAN numbers for small payments without any other kind of authentication.
It's an electronic version of the times when we used to mail transfer cards to do transfers, but this day and age needs a lot more privacy protection. Same with other old tech like the phonebook. Who gets themselves listed anymore? It leaves you open to way much spam and scammy crap calls.
Re: Brazilian authorities suspend WhatsApp payments
#84As a Brazilian, I'm pleased. Our central bank is going to release a platform called PIX. Financial institutions with more than 500.000 clients are required to implement it. Finally we are going to have a standard across banks, and money transfers are going to be less complex, clunky and costly. Of course, other apps have come before. We have apps like PicPay, PayPal and Nubank, just to name a few, that provide instan…
As a Brazilian, I am not pleased. This will become just another tool for the government to create artificial difficulties and sell solutions to its closest "friends". Standards have been created without any government's help since forever.
What's the alternative? leave facebook do exactly it instead of the government?
You speak like the free-for-all tax tools didn't work for you. Do you rather the US model? where you have to pay $100~300 every year for exactly the same tools from a single private company that has a de facto monopoly because of close ties to the government?
Also, in the US, a transfer from your checking account (where you get your paycheck) to your credit card account (where credit card purchases show up) to pay up your monthly credit card bill, in the same bank, same client, you literally see both on the same screen on your internet bank, takes two to FIVE business day. Let that sink in when talking about US banking being archaic.
Re: Brazilian authorities suspend WhatsApp payments
#85Earlier quoted context omitted.
As a Brazilian, I am not pleased. This will become just another tool for the government to create artificial difficulties and sell solutions to its closest "friends". Standards have been created without any government's help since forever.
What's the alternative? leave facebook do exactly it instead of the government? You speak like the free-for-all tax tools didn't work for you. Do you rather the US model? where you have to pay $100~300 every year for exactly the same tools from a single private company that has a de facto monopoly because of close ties to the government? Also, in the US, a transfer from your checking account (where you get your paych…
> takes two to FIVE business day
That's only the case if the credit card services are powered by a 3rd party.
Chase, Wells Fargo, USBank, BECU, Alliant CU, BBVA, Citi, M&T, and others are all instant if you're paying from an account at that bank.
Re: Brazilian authorities suspend WhatsApp payments
#86Earlier quoted context omitted.
If this is about Pix, and I believe it is, Government is killing competitors. If Pix is better, people will choose Pix, if WhatsApp is better, people will use it. Let's not force people to use a solution and create a monopoly controlled by the Government, again.
PIX will not be a service to end-users, it'll create a standard where any service can offer instant payments and transfers. It will increase competition in the long run because if you want to open a payments fintech, you don't need to go in every bank or other fintech to do agreements about how your app will communicate with then, you just use the PIX to communicate with everyone.
> PIX will not be a service to end-users, it'll create a standard where any service can offer instant payments and transfers.
Great. If that "standard" is something people want, it'll be able to succeed on its own merits, without having to block the competition.
What happens when someone wants to create something new and interesting that isn't supported by the "standard"? What happens when that standard lacks features people actually want? The danger of forcing everything to use a single underlying framework is that you prevent anyone from being able to do better and improve.
Re: Brazilian authorities suspend WhatsApp payments
#87Earlier quoted context omitted.
As a Brazilian, I am not pleased. This will become just another tool for the government to create artificial difficulties and sell solutions to its closest "friends". Standards have been created without any government's help since forever.
What's the alternative? leave facebook do exactly it instead of the government? You speak like the free-for-all tax tools didn't work for you. Do you rather the US model? where you have to pay $100~300 every year for exactly the same tools from a single private company that has a de facto monopoly because of close ties to the government? Also, in the US, a transfer from your checking account (where you get your paych…
> What's the alternative? leave facebook do exactly it instead of the government?
Not only Facebook, but any company that wishes to offer this service. Private monopolies are usually the result of government policies. In Brazil, all monopolies are like that.
Re: Brazilian authorities suspend WhatsApp payments
#88Earlier quoted context omitted.
As a Brazilian, I am not pleased. This will become just another tool for the government to create artificial difficulties and sell solutions to its closest "friends". Standards have been created without any government's help since forever.
What's the alternative? leave facebook do exactly it instead of the government? You speak like the free-for-all tax tools didn't work for you. Do you rather the US model? where you have to pay $100~300 every year for exactly the same tools from a single private company that has a de facto monopoly because of close ties to the government? Also, in the US, a transfer from your checking account (where you get your paych…
The Canadian model of Interac e-Transfer works pretty nicely, and is (at worst) cheap or (increasingly) free depending on the exact bank accounts involved: https://en.wikipedia.org/wiki/Interac_e-Transfer it's pretty widely supported within Canada, both among banks and among real use cases like paying rent or moving companies as well as peer-to-peer reimbursements.
Transfer time for Interac e-Transfer ranges from instant to hours, in practice.
Re: Brazilian authorities suspend WhatsApp payments
#89Earlier quoted context omitted.
In the US I pay $0 for transfers under like $2500 using various free services like Venmo or Cash App.
Good to know Do business accept Venmo (I know some do, though it seems Venmo is backed by a pre-paid card)? Can you pay your rent with it, for example? Tuition? Buy a car with it? The payment methods I mentioned don't require people to install an app or enter an agreement, you have a bank account they're available to you. Sure, there's some typing of numbers (but that's pretty much a copy-paste today). Not to mention…
Things like rent, tuition, and car payments are done in the US with ACH. Takes a day to clear (which is fine for scheduled things like that) but free.
Re: Brazilian authorities suspend WhatsApp payments
#90Earlier quoted context omitted.
In the US I pay $0 for transfers under like $2500 using various free services like Venmo or Cash App.
Good to know Do business accept Venmo (I know some do, though it seems Venmo is backed by a pre-paid card)? Can you pay your rent with it, for example? Tuition? Buy a car with it? The payment methods I mentioned don't require people to install an app or enter an agreement, you have a bank account they're available to you. Sure, there's some typing of numbers (but that's pretty much a copy-paste today). Not to mention…
You entered an agreement when you got a bank account in the first place...
These payment apps tend to work like another bank account in practice.
People use P2P apps when they want to casually send money to people they know. For merchants they get the square app and process credit cards directly. Venmo & friends tend not to be good for actual business for large transactions due to how bad chargebacks can be on it, so for large transactions you can use ACH which tends to be $0.25 for pretty much any money value, or free in many cases.