WhatsApp gets delayed Brazil nod for payments

Brazil’s central bank on Tuesday cleared the way for Facebook’s WhatsApp messaging service to let its users send each other funds using the Visa Inc and Mastercard card networks, months after vetoing WhatsApp’s initial attempt.

When WhatsApp tried to launch the transfer service last June, the central bank said it could damage Brazil’s existing payments system in terms of competition, efficiency and data privacy, adding that the service had failed to obtain the needed licenses.

The regulatory friction was the latest setback for Facebook’s effort to use its social media platforms to compete with banks and fintechs in allowing fast electronic funds transfers.