WhatsApp plans to dive into Digital Payments in India, expected launch in six months

Whatsapp Digital Payments

Over the year users thought what should be the revenue model of WhatsApp, the question was even bigger when social media giant Facebook acquired the messaging service in a $18 billion deal. Now, a new report suggest that WhatsApp is thinking the money-making options as the company is planning to dive into digital payments in India within six months and this would be biggest transaction lead in the country.

WhatsApp has more than 1 billion global users and in India it has the home of 200 million users who make the conversation daily using the app. A news website The Ken has disclosed that, WhatsApp has posted jobs advertisement looking for a candidate with a technical and financial background. According to the advertisement, WhatsApp is searching a candidate, who will be able to understand India’s Unified Payments Interface (UPI) and the BHIM payments, that allows the money transfer and merchant payments using with your WhatsApp numbers.

In China, the home-built instant messaging provider WeChat has same service – person to person payments system sending money to the contacts.

In India, digital transaction has increased significantly after PM Narendra Modi’s decision of scrapping more than 80 percent of the country’s currency in circulation at the time. Currently, government’s initiate towards Digital Transaction move can boost the WhatsApp’s move of brining digital transaction though its system.

WhatsApp spokesman said that, “India is an important country for WhatsApp, and we’re understanding how we can contribute more to the vision of Digital India”. He also said that, “We’re exploring how we might work with companies that share this vision and continuing to listen closely to feedback from our users”.

According to sources, in February, WhatsApp’s co-founder, Mr. Brain Acton stated that the company is in the initial stage for bringing digital payment system. He also commented he has done the conversation with Indian Government about their new service in the country.

⊕ Source: VentureBeat

Content Writer at TechGenYZ

Leave a Reply

Your email address will not be published. Required fields are marked *