WhatsApp is all set to launch a digital payment service system in India, which is the largest business market of this giant messaging app with around 400 million users. WhatsApp is a Facebook owned app and it has tested the new service on 1 million people in the past. WhatsApp payment method digitally will give tough time to the local and global firms.
According to the global head of the WhatsApp Company, Will Cathcart, WhatsApp payment will help you send money easily through this app just like sending a message.
He also added that they cannot wait to provide this WhatsApp payment service to the users across India.
India will become the first country to have this facility of WhatsApp payment, but Will Cathcart has not said anything about the final approval from the Indian regulatory authorities in this regard.
Digital WhatsApp Payment Service In India
Moreover, he also elaborated that these services are actually critical to the Indian accelerating financial inclusion. It will also bring millions through this app into the fast growing digital economy of the country.
India is considered as a country with a fast growing economy where ten million people are using online transactions. The speculation is that once this WhatsApp payment service will be launched in India, WhatsApp is going to compete with Paytm and Phonepe which are local digital payment firms. It will also give a tough competition to the global firms like Amazon Pay and Google Pay.
WhatsApp holds around 1.5 billion users all around the world and it has been stuck in the controversy for a data storage and privacy. WhatsApp has resisted the fact, so far that Indian technology companies store the data on Indians in the country.
The Reserve Bank of India, which is a regulator of the financial system of the country has made this thing mandatory that payment related data of the users will be stored.
WhatsApp Company has also emphasized that the payment services in India will comply with the norms of the central bank.