Central Bank clears way for Facebook’s money transfer service in Brazil

When WhatsApp tried to launch the transfer service last June, the Central Bbank said it could damage Brazil’s existing payments system;

RIO DE JANEIRO, BRAZIL - Brazil’s Central Bank on Tuesday, March 30, cleared the way for Facebook Pay, which lets WhatsApp users send each other funds using the Visa Inc and Mastercard card networks, months after vetoing its 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 opposition was the latest setback for Facebook’s effort to use its social media platforms to compete . . .

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