India is the biggest market for WhatsApp with more than 200 million users. WhatsApp is aware of the fact. So, it is thinking of introducing peer-to-peer payment system.
The Ken is an Indian subscription company. It says that WhatsApp is going to use a cross-bank payment system. The UPI, as they call it, will allow users to make payments to other users. WhatsApp has government support. The plan will come into force within next couple of months.
WhatsApp is looking to contributing to the vision of Digital India. This is because it considers India as an important country to do business. It will identify the companies with the same vision. It will also take feedback from users into account. TechCrunch got this information from a statement by WhatsApp.
Remember that Facebook owns WhatsApp. Facebook has more than a billion users. There is no denial of the fact that Facebook is likely to benefit in some way.
Brian Acton is the co-founder of WhatsApp. He met the Indian IT minister in February during his visit to India. Brian Acton said that WhatsApp was looking into the ways of incorporating payment services. He admitted that these were early days.
India is also the largest market for Sweden’s Truecaller. Last week, the company started user-to-user payments in collaboration with ICICI Bank. UPI is the medium here too. Truecaller is aware that it has to compete with WhatsApp, Hike and others.
Facebook introduced payments through its Messenger app in the US a while ago. However, Facebook is not ready to launch it in India.
Last year WhatsApp said that it wanted to provide a platform to its users for their businesses. So let’s see how soon we get payment service feature in WhatsApp