WhatsApp soon to launch payment feature for users in India
The organization mentioned support as one of the sectors it pursues in India in its filing with the local regulator in India. Earlier this month, the Facebook-owned service with the local regulator announced that credit or loans should be one of the ‘key uses for which it is planned in the region.’
Abhijit Bose, Head of WhatsApp in India, said he believed that India’s mobile payment industry, which has drawn tens of local and foreign companies in the past few years, still lies early in the country and can see businesses going beyond sending money.
WhatsApp, which tested its mobile payment function in India two years ago, could give users a well functional financial service.
WhatsApp has not yet earned a regional payroll certification from New Delhi in India. Earlier this year, local media reports suggested that WhatsApp started to extend pay coverage in many phases throughout the world.
In an interview last week, Ajit Mohan, a Facebook VP and head of India, told that in India, as before, only 1 million WhatsApp users had access to their mobile paiement service.
Decades of payment systems in India have in recent quarters grown to provide credit and electronic lending thus finding a market model in India. Several firms, like Paytm, the most coveted company in India, and MobiKwik nowadays offer millions of users little credit for tickets
This year, Paytm grew to support merchants, adding new gadgets such as a stand which provides QR check-out codes, a battery and calculator, a smartphone speaker which provides purchase confirmations and a point of sale system with an integrated scanner or printer.
As part of a subscription program that helps to create an continuing flow of sales the Alibaba and SoftBank business provides such gadgets. Over 3 million consumers have been accrued in the Paytm Money arm, which offers credit, insurance and investment services.
Today, PhonePe (Flipkart) another big payment player in India, supports over 175 million customers and more than 8 million traders. The software is a forum to meet other corporations. At the time, the business will not break the property on the demand.
The rise to an average of 1 trillion dollars (according to Credit Suisse), as WhatsApp extends mobile payments in India may cause new difficulties for those stakeholders.
Facebook has re-affirmed its pledge to India this month, which, like other American giants, finds India one of its biggest markets but earns far less sales than the second-largest global platform.
This month, the internet empire invested $5,7 billion on Reliance Jio Networks to buy a 9.99% interest in the Indian telecommunications business. At the weekend, the e-commerce firm of Jio’s parent company JioMart started the WhatsApp evaluation of the “Ordering Method” with a first look at the partnership between Facebook and Reliance Jio Indian Telecom Giant Platforms.