Soon after demonetization in India late last year, certain mobile wallet apps such as Paytm and MobiKwik surfaced as the prodigious winners, reporting soaring growth. But the major competitor is yet to join this race.Facebook owned messaging app WhatsApp is without an iota of doubt India’s most popular messaging app and they are planning to enter India’s booming digital payments arena. The company is working towards developing a payment system that will combine WhatsApp and UPI and permit India users to transfer money or make payments through the chat app. Now this is intriguing!
Whatsapp reportedly has over 200 million uses in India. In reference to the report by The Ken, the Facebook owned venture is in talks with the government to couple support for UPI, a cross -bank payment system by the National Payments Corporation of India (NPCI) and may launch the service in the next 6 months. UPI (Unified Payment Interface) can be accessed by third party services, making payments as fast and as secure as sending a text message.
With such enormous popularity and gigantic user base, Whatsapp stands a fair chance in winning the India’s popular payment service title, leaving behind Paytm and other payment service providers that are also thriving to increase their user base.
In a recent chat with TechCrunch, a WhatsApp spoke person confirmed the news saying “India is an important country for WhatsApp, and we’re understanding how we can contribute more to the vision of Digital India. We’re exploring how we might work with companies that share this vision and continuing to listen closely to feedback from our users,”
In February, WhatsApp’s co-founder, Brian Acton, had hinted that the app is in its earlier stages of incorporating digital payment system in the country and had visited India to discuss the matter further with the Indian government officials and seek ways to contribute to the PM Modi’s Digital India movement.
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