WhatsApp is now preparing to land in the digital payment world as whatsapp payment service . For this, the UPI based digital payment system will be brought. It is believed that Whatsapp payment service will start from India first.In February, the co-founder of WhatsApp, Brian Ekton met with IT Minister Ravi Shankar Prasad. It was discussed in this meeting that how can the company contribute to the digital commerce sector of India.
India is one of the largest markets for WhatsApp. Of this one billion subscribers, 20 crore are in India. According to advertisements on the website of WhatsApp, the company is looking for people who understand the Unified Payment Interface (UPI), Bhima Payment App and Aadhaar number.
Facebook’s company Whatapp has huge number of users in India, and the company has a good hold in the digital market. In such a case if the digital payment service is actually brought in, then digital payments will get a big boost.Transaction details of users can also be sent to Facebook, with the help of which Facebook can send target advertisements to its users.
Whatsapp Payment Service :
We can say that WhatsApp has probably decided to come in the digital payment sector after watching the growing trend of digital wallet in India since the demonetization . Because WhatsApp is presently available in every smartphone this will make the company to popularize its banking system in less time . But the launch of WhatsApp’s digital payment system can distrupt the remaining digital wallets in India .
If WhatsApp wants to join the race, then he has to do it all because other players like Caller ID app Truecaller – with 150 million users in India – and many mobile apps such as PayTM, FreeCharge and Mobikwik already made easy payment methods.
The company is in talks with the Government of India to enable Unified Payments Interface (UPI) support, so that the users can transfer money easily with the participating banks. In other words, Whatsapp wants to create such a platform through which users can send and receive money to anyone.