WhatsApp is likely to launch peer-to-peer payments in India in the coming six months. The Facebook-owned messaging app is hiring an expertise head of digital transactions. This WhatsApp digital payments option in the app mainly deals with UPI (Unified Payments Interface), Aadhaar (India’s biometric identity system) and BHIM.
Recently, WhatsApp co-founder Brian Acton said that the company may debut into digital payments and that it is in ‘early stages’ of investigating the segment. WhatsApp emerged as the most popular messaging service in India with over 200 million users in the country. The app is already being used for communicating with customers by small and individual business owners.
Also, it allows regional businesses like it provide news service in rural Uttar Pradesh with 8000 paid subscribers. India’s digital payments scene has exploded in the recent months, and digital transactions are growing each year. The demonization move took by the government back in November has made way for more digital transactions.
India has also built the UPI which led to built many payment apps on top of it. However, Apps built on UPI can seamlessly transact between accounts. BHIM app launched by Prime Minister Narendra Modi is one such app for instance. Finance Minister Arun Jaitley claimed that the BHIM app has been downloaded by 12.5 million people. And now, most private banks and wallet operators like Paytm and PhonePe also support UPI-based payments now.
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