The long-awaited digital payment feature is now live for Whatsapp users in India.
Intentionally, the service is not officially announced yet, since the Facebook-owned messaging company has just introduced person-to-person payment within a few cities of India. The feature is still in beta version, but it brings forward a glimpse of what could be an optimistic journey.
Whatsapp has been working on this project for more than two years now. In India, statistic shows that Whatsapp has more than 200 Million active users, making it more popular than Facebook.
Today, India is a potential market for all leading business giants. No company would ever like to distant itself from the Indian market.
Whatsapp digital payment within India has been backed up by the government as well. There has been a green signal for Whatsapp to integrate its application with the Unified Payment Interface (UPI). On top of that, Whatsapp has joined hands with the local banks to make transactions and payments seamless.
All leading banks are to be found in the Whatsapp user interface, enabling all users in India to send & receive funds with a three step process. As a result of this, local merchants would be the most prominent beneficiary of the Whatsapp digital payment.
For additional security, Whatsapp is implementing mobile phone verification.
Users must verify their numbers via SMS and then select their “bank” from the given list. The payment option will be available once your number is verified.
Whatsapp digital payment feature heightens up the long prevailing competition with other messaging companies that support payments also. India’s local digital wallet ‘PayTm’ may also feel the heat now.
Tencent-backed ‘Hike’ will confront Facebook-owned Whatsapp. And Google’s ‘Tez’ can also be a fierce rival of Whatsapp. Here Whatsapp, is understandably looking to emerge as an all-in-one app like ‘WeChat’.
Whatsapp Digital Payment
According to App Annie, the adoption of smartphones is surging rapidly in India. With an immense number of users, Whatsapp can dominate the Indian market. Well! Last year only in 2017, for the first time the country, conclusively surpassed the U.S for combined iOS and Android downloads.
The Indian consumer market promises a propitious future for digital P2P payment.
In short, the beta version of the Whatsapp digital payment will further boost electronic money transactions across entire India.