July 20, 2020 / 8:01 PM / 20 days ago

Brazil will authorize payments system involving WhatsApp if rules are respected - central bank director

FILE PHOTO: The Whatsapp logo and binary cyber codes are seen in this illustration taken November 26, 2019. REUTERS/Dado Ruvic/Illustration/File Photo

BRASILIA (Reuters) - Brazil’s central bank will authorize a payments system involving Facebook Inc’s (FB.O) WhatsApp messaging service, to send money and make payments via chats, as long as all rules are respected, director Joao Manoel Pinho de Mello said on Monday.

“We view the entry of ‘big tech’ as a huge opportunity. Everyone can participate. We will allow it, no problem. People can take whatever path they want, (do) whatever initiatives they want,” as long as rules and regulations are met, he said during a live online event hosted by Genial Investimentos.

The central bank suspended the newly launched WhatsApp payment service last month and said it is analyzing whether the service can operate safely in terms of data protection and competition.

Reporting by Jamie McGeever and Gabriel Ponte; editing by Jonathan Oatis

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