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As per the report, the feature is under development and will be available for the public in a future update that will allow you to choose the video quality to upload. The  WhatsApp features tracker WABetaInfo has shared some screenshots to give a preview of the upcoming functionality. The screenshots suggest that when the feature will become available to everyone it will let you choose the video upload quality by picking one of 3 options: Auto, Best Quality and Data Saver.

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