The instant payment feature launched June 16 in Brazil on Instant messaging app, WhatsApp, has now been suspended by the country’s central bank.
This is a setback for Facebook, the mother company that acquired WhatsApp in February 2014.

In a statement, Brazil’s central bank said it was taking the decision to “preserve an adequate competitive environment” in the mobile payments space and to ensure “functioning of a payment system that’s interchangeable, fast, secure, transparent, open and cheap.”

Banks in the nation have asked Mastercard and Visa, who are among the payments partners for WhatsApp in Brazil, to suspend money transfer on WhatsApp app. Failure to comply with the order would subject the payments companies to fines and administrative sanctions.


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