Brazil's central bank revokes the launching of WhatsApp payment feature even after local regulators lifted the suspension on the messaging platform.
The nations Administrative Council for Economic Defense known as CADE suspended the contract between Facebook and payment processing company, Cielo on the 24th of June. The agreement would allow Cielo process all the transactions made with the WhatsApp payment feature in Brazil.
However, the administrative body reversed its ban on the agreement after Facebook and Cielo provided it with proofs that there will be a reduction in the risk associated with the new feature as perceived.
Notwithstanding the assurance by the companies, CADE continues to review the agreement between both. The regulating body stressed that any anti-competitive characteristics that emanate from the partnership would result in the reinstatement of the ban.
Regardless of CADE's acceptance, Cielo's president stated that the company's activities are within the jurisdiction of the Central Bank and its partnership with Facebook remain suspended.
Source: Cointelegraph
