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Brazil suspends Whatsapp Payment Service

24Jun By AdityaNo Comments

News

Brazil suspends Whatsapp Payment Service

Brazil's central bank ordered Visa and Mastercard to suspend a joint project with WhatsApp to roll out digital payments within the popular messaging service, over fears it would be anti-competitive. Brazil, which has the second-most WhatsApp users worldwide after India, was the pilot country for the platform's new integrated payments feature, which it launched on June 15 with an eye to rolling it out worldwide. But the central bank, which regulates payment systems in Brazil, put the new feature on hold indefinitely. "The reason for the central bank's decision is to preserve an adequate competitive environment, ensuring an interoperable, fast, secure, transparent, open and economical payment system," it said in a statement. WhatsApp, which is owned by Facebook, is the most popul...

Facebook Launched WhatsApp Payment Service in Brazil

15Jun By AnkitaNo Comments

News

Facebook Launched WhatsApp Payment Service in Brazil

SAO PAULO, 15th June 2020 -- Facebook launched its WhatsApp payment service in Brazil today. With the addition of Visa’s trusted payment technology, WhatsApp users will now be able to swiftly and securely send and receive money to family and friends, and to make purchases from small businesses on the popular global messaging service. Payments on WhatsApp will allow users to send money to individuals or local businesses within a chat, attaching payment as they would a photo or video. WhatsApp tested the payment system in India beginning in 2018. The Brazil launch will be the first nationwide rollout and will introduce the ability to directly pay a business. The company has over 120 million individual users in Brazil, its second-largest market behind India. “WhatsApp is heavi...

Brazil-based QuintoAndar Secures $64 million Funds

3Dec By Gauri SinghNo Comments

FUNDING

Brazil-based QuintoAndar Secures $64 million Funds

São Paulo-based rental marketplace called QuintoAndar raised an amount of $64 million (R$ 250 million) in a fresh funding round. The particular funding round was led by General Atlantic to accelerate expansion in Brazil. The other backers that participated in the round were Kaszek Ventures, Qualcomm Ventures and QED. The site provides the listings, allows users to schedule tenant visits to the property (the founder says more than 86,000 property showings were booked in October), and processes the transactions. The company believes there’s a big opportunity to make renting in Brazil more efficient. “20% of the population in Brazil lives in rented properties, and the sentiment toward buying homes in Brazil is changing,” says Braga. Brazil remains undercapitalized relative to othe...

Brazil-based Technology Company Movile Secures $400 million

14Nov By Gauri SinghNo Comments

FUNDING

Brazil-based Technology Company Movile Secures $400 million

A Brazil based technology conglomerate known as Movile has just raised funds amounting to $400 million. This round was led by existing investors including Naspers and Innova Capital. The funds have basically been raised for its iFood subsidiary. The company was founded by chief executive officer Fabricio Bloisi which began as a digital content studio for mobile device and now has grown into a mobile services and content empire with aspirations of reaching 1 billion people. The company claimed to have estimated revenues over $240 million and over 150 million monthly active users. iFood alone recorded 10.4 million delivery orders for the month of October. According to the repors, iFood received 390,000 orders per day in Brazil in the last weeks of October accounting for 109% growth ...

Walmart Sells 80% Stake in its Brazilian Business

5Jun By Gauri SinghNo Comments

USA

Walmart Sells 80% Stake in its Brazilian Business

The American Multinational Retail Corporation Walmart Inc. has announced to sell the majority of its stake that is 80% stake in its Brazilian business operations to a private equity company Advent International Corp. decreasing its existence in countries where it is battling and struggling for profitability. Walmart is a US-based retail company which is the world’s largest firm in terms of revenue generation. The company is now on the tracks of exploring and expanding overseas by selling assets in lower-growth markets and investing in high-profit opportunities like India and China. Walmart expects to keep a 20% stake but, the terms and financial details of the deal have not been revealed as of now. The retail company, however, has expressed an expectation of recording a non-cash net ...

BRICS Countries Online Sale Surpassed $876 Bn In 2016 : Report

2Sep By Press Trust of IndiaNo Comments

CHINA

BRICS Countries Online Sale Surpassed $876 Bn In 2016 : Report

The online retail sales of BRICS(Brazil, Russia, India, China and South Africa) countries led by China and India surpassed $876 billion in 2016, in a recent report shared by China’s e-commerce giant Alibaba, today. The report was released ahead of the BRICS summit in Xiamen next week by the Ali Research Institute which is affiliated to Alibaba. (more…)

Royal Enfield Rides into Brazilian Market

21Apr By Press Trust of IndiaNo Comments

INDIA, News

Royal Enfield Rides into Brazilian Market

Niche bike maker Royal Enfield today announced its entry into Brazil, the fourth largest two-wheeler market in the world. The company has entered the Latin American country with three models-- Bullet 500, Classic 500 and the Continental GT cafe racer. It has set up its second direct distribution subsidiary outside India in Brazil, with having established the first such entity in the US in 2015. The newly-formed subsidiary - Royal Enfield Brazil - at Sao Paulo will sell bikes to dealers, as well as conduct all front-end development and support activities such as marketing and after-sales in the country. A flagship store has also been opened in the city. "We are delighted to be formally entering Brazil, and are able to offer our motorcycles to a whole new group of customers, that...

Wipro Acquired Brazil Based IT Services Provider

26Jan By NitishNo Comments

ACQUISITION

Wipro Acquired Brazil Based IT Services Provider

Wipro Ltd. a leading global information technology, consulting and business process services company today signed an agreement to acquire InfoSERVER S.A. for BRL 27.6 Million (USD 8.7Mn). InfoSERVER, an IT services provider, which is focussed on the Brazilian market, provides custom application development and software deployment services. Two-decade old InfoSERVER, which counts some of the largest Brazilian banks as its clients, will help Wipro in expanding its presence in the country’s highly traditional and competitive Banking, Financial Services & Insurance market besides adding invaluable domain and process knowledge on the sector. This acquisition closely aligns with Wipro’s vision to localise, expand its presence and become a significant partner of choice in the LATAM ma...

Monsanto, Microsoft to Invest in Agricultural Technology in Brazil

5Jul By reutersNo Comments

FUNDING

Monsanto, Microsoft to Invest in Agricultural Technology in Brazil

U.S. biotech company Monsanto Co and Microsoft Corp announced on Monday a partnership to invest in agricultural technology startups in Brazil. Monsanto will join a Brazilian investment fund with up to 300 million reais ($92 million), managed by Microsoft, evaluating ideas for new digital tools to be applied to agricultural production in the country, executives said. Selected ideas will receive initial funding of up to 1.5 million reais ($459,000) for early development. Project owners will have the option to pay back the investment after three years or convert the money into equity. "We want to foster new startups in the agricultural sector. There is a vast area for research and development," Rodrigo Santos, head of Monsanto in Latin America, told reporters on the sidelines of the ...

Second Time WhatsApp blocked in Brazil, Affecting 100 million Users

3May By reutersNo Comments

News

Second Time WhatsApp blocked in Brazil, Affecting 100 million Users

A Brazilian judge ordered wireless phone carriers to block access to Facebook Inc's WhatsApp for 72 hours throughout Latin America's largest country on Monday, the second such move against the popular messaging application in five months. The decision by the judge in the northeastern state of Sergipe applies to the five main wireless operators in Brazil and affects WhatsApp's more than 100 million users in the country. The reason for the order is not known due to legal secrecy in an ongoing case in the Sergipe state court. In a statement, WhatsApp said the company is "disappointed at the decision" after doing the utmost to cooperate with Brazilian tribunals. The decision "punishes more than 100 million users who depend upon us to communicate themselves, run their business and more, ...

Jail Authorities in Brazil Treated Me With Respect: Facebook VP

8Mar By AdityaNo Comments

News

Jail Authorities in Brazil Treated Me With Respect: Facebook VP

Facebook vice-president Diego Dzodan, who was arrested due to a dispute over the company's encrypted WhatsApp messaging service for use in a secretive drug trafficking investigation, has said that the Brazilian jail authorities treated him with respect. Dzodan was arrested on Tuesday and was released the next day after an appeals judge overturned a court order to arrest him, Reuters reported. "I was treated with a lot of respect," Dzodan said at a Saturday conference on Latin American business trends organized by students at the Massachusetts Institute of Technology's Sloan School of Management. "The way that information is encrypted from one cell phone to another, there is no information stored that could be handed over to authorities," he said. "We are extremely committed to ...

Not following Judge’s Order, Whatsapp has been Blocked in Brazil

17Dec By AnkitaNo Comments

Story

Not following Judge’s Order, Whatsapp has been Blocked in Brazil

A Brazillian Judge Sandra Regina Nostre Marques ordered the suspension of the Facebook Inc.’s Whatsapp service for 48 hours after WhatsApp declined twice to turn over data requested by the courts as part of a criminal case, the Sao Paulo Justice Court said in a statement. WhatsApp is the most-used app in Brazil. The recent survey showed 93 percent of the 2,000 people said they use the messenger. The second most used app is Facebook, with 79 percent. According to Local TV News, the criminal case involves a drug trafficker linked to one of Sao Paulo's most dangerous criminal gangs, the PCC, or First Command of the Capital. The trafficker allegedly used WhatsApp services while committing crimes. Sao Paulo (Brazil) Court Order - The 1st Criminal Court of São Bernardo Court ordered the tel...