WhatsApp has over 2 billion users and is the second most used social network in the world after its “mother” Facebook which is used by 2.5 billion people. Facebook is widely monetized and is a machine to generate money via advertising, to give you an idea throughout 2019 it earned 70,697 million dollars, however Zuckerberg and company have been thinking for years about how to make profitable the 22,000 million dollars that the messaging application cost them and it seems that they have found a very good way to do it, perhaps the best.
Since yesterday, the nearly 120 million Brazilian users of the messaging application will be able to send and receive money without leaving the platform, within the private conversations, attaching the payment as they would with a photo or a video. To use it, it is enough to link a debit card.
Through a simple message you can pay or ask to be paid and can be used both between private users and between shops and businesses, the latter being the only ones who will have to pay a commission of 3.99%.
The payment system was first tested in India (400 million users) with a bittersweet result since they faced quite complex regulations but once launched in Brazil it will be gradually implemented in more countries.
Virtually none of the world’s large technology companies want to be left out of this business and quickly adopt and integrate mobile payment applications such as PayPal, Samsung Pay, Apple Pay, AliPay and WeChat Pay. In the US alone, the value of the global mobile payments market is expected to reach 3,783 billion dollars by 2025, with an annual growth rate of 23.1% over the period (2020-2025).