Meta's WhatsApp Business Fund Transfer Hits Roadblock In Brazil: FT

Meta Platforms Inc's FB long-awaited ambition of allowing users to send money to businesses via messaging app WhatsApp in Brazil suffered a roadblock with potential payments partners, the Financial Times reports.
WhatsApp looked to launch a payments-to-merchant (p2m) function in Latin America's most populous country in 2021.
However, WhatsApp has struggled to win local "merchant acquirers" or companies that process electronic payments needed to launch and run the service.
Negotiations between Meta and payments groups have stalled as WhatsApp's proposed fees were too low.
Merchant acquirers also found Meta's terms demanding with legal repercussions.
Meta is still waiting for the Brazil central bank's approval from its second-largest market, which has its instant payment system, Pix, enabling transfers between transactional accounts.
WhatsApp's peer-to-peer (p2p) payment efforts in India and Brazil faced regulatory hurdles.
Facilitating e-commerce and payments would help Meta tap new revenue streams and gather data to increase the value of its existing advertising, CEO Mark Zuckerberg has said.
Price Action: FB shares traded lower by 0.66% at $215.87 in the premarket on the last check Wednesday.
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