Hi, Friends welcome to the Mirchitech blog and I am jimmy. Today I want to share something special with you, and it is WhatsApp Planning To Launch A UPI-based Digital Payments Service in India. WhatsApp, the Facebook-owned instant messaging app is likely planning to introduce peer-to-peer payments in India. According to a new report from The Ken, WhatsApp is preparing to launch peer-to-peer payment services on its platform in the next six months. The company is also said to be in talks with the Indian Government to get support for UPI. For those unaware, UPI allows quick transfer of money between users’ accounts across multiple banks in a single mobile app. The report also cited that WhatsApp is hiring a head of digital transactions with expertise in Unified Payments Interface, Aadhaar and BHIM.
Separately, WhatsApp in a statement told TechCrunch,”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.”
WhatsApp to facilitate digital payments in India
“India is an important country for WhatsApp, and we’re understanding how we can contribute more to the vision of Digital India,” a WhatsApp spokesman was quoted as saying by BGR India. WhatsApp has 200 million of it’s billion plus global users in India. With such a massive user base, WhatsApp might become a favourite platform for users to transact with each other.
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Post demonetisation drive, India is moving towards a digital economy and millions have switched on services offering online transactions. Recently, South Korean giant Samsung also launched Samsung Pay, the company’s flagship mobile payments service, in India. Apart from allowing users to simply tap and ‘pay on the go’ using their registered cards, Samsung Pay has integrated digital wallet Paytm as well as the government’s Unified Payments Interface (UPI) payment system into its app.
Apart from allowing users to simply tap and ‘pay on the go’ using their registered cards, Samsung Pay has integrated digital wallet Paytm as well as the government’s Unified Payments Interface (UPI) payment system into its app.
Although the company has not made any official announcement yet, WhatsApp co-founder Brian Action during his India visit in February, said that the company was “in the early stages” of looking into how it can incorporate payment services(via TimesofIndia). With the over 200 million users in the country, WhatsApp is considered to be the most popular messaging service amongst the users in India.
However, it would be interesting to see how the company’s shift towards the payments service would gain equal popularity in the country as the mobile wallets PayTM, Mobikwik have already received a major share in the payment platform post demonetisation. Samsung had also recently its mobile payment service Samsung Pay in India that uses MST and NFC to make payments.
With the over 200 million users in the country, WhatsApp is considered to be the most popular messaging service amongst the users in India. However, it would be interesting to see how the company’s shift towards the payments service would gain equal popularity in the country as the mobile wallets PayTM, Mobikwik have already received a major share in the payment platform post demonetisation. Samsung had also recently its mobile payment service Samsung Pay in India that uses MST and NFC to make payments.
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