Indian payments market witness revolution with WhatsApp Pay
Facebook Inc. was already operating its WhatsAap Pay services in the world’s largest Technology market, India. Using the multi bank Unified Payments Interface (UPI) the WhatsApp Pay can go live, the National Payments Corporation of India(NPCI) said on Thursday in a statement. The US based firm has been carrying out trials in India for years but the regulatory obstacles have kept the Aap’s pilot project to a very insignificant number of users. The firm has gradually improved and increased its UPI base starting with as many as 20 million users.
India’s payments market is also flooded with local trailblazers like Paytm, Google Pay, Phone Pe, Amazon Pay and dozens of other startups. WhatsApp has the calibrate to compete with the leaders and reshape digital payments in India. The Indian payments market is predicted to grow to one trillion dollars by 2023.
The popularity of the messaging app in the country might lead to adding more customers to their payments aap service naturally.
India is an important country for Facebook Inc. and WhatsAap’s largest market is also in India, Facebook is further looking towards adding new users as more profit-making markets like the US and Europe become steep.
Recently Facebook also brought 9.99% stakes on Jio Platforms, a digital service company in India owned by India’s richest man, Mukesh Ambani. Facebook always wanted to create a large trading company in India Whatsaap messaging in the core of the business. Facebook’s partnership with Jio will enable the enterprise to navigate regulatory measures needed to follow in the country, suggest analysts.
In recent years whatsapp has added commerce features so that small businesses can sell and promote goods directly through the aap and payment is the key part of delegating those transactions. This product catalogs could be used as a springboard to bring small businesses to other Facebook services.
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