WhatsApp began testing its payments feature back in 2018, and the company has made it available to a few people in India. However, that won’t be the only financial service it will be offering in the country. WhatsApp in a filing with the local regulator authority earlier this month had listed credit and loan as one of the “main objects to be pursued by it in the country”. To recall, Abhijit Bose, WhatsApp India head at an event in Bangalore in 2019 said that mobile payments market in India has attracted many local and international firms in recent years, but is still at a very early stage in the country and may eventually find its way beyond just allowing users to send money to each other.
WhatsApp finally received the approval from the Nation Payments Corporation of India (NPCI) to launch its payment services in India back in February and is slowly expanding to more cities in various phases. According to the company, it has around 1 million WhatsApp mobile payment users, same as before. Given the rise in digital transactions in India, it’s no wonder firms are showing interesting in introducing credit payment system. Earlier this year Paytm expanded its services to merchants by launching new gadgets such as QR display, portable speaker that provides voice confirmation of transactions and point-of-sale machine with built-in scanner and printer. It’s also offering money lending, insurance and insurance services under Paytm Money arm.
Similarly, there is Flipkart’s PhonePe division which is a major player in the payment market and serves over 175 million users in India and over 8 million merchants. WhatsApp mobile payment in India is estimated to grow to $1 trillion by 2023 according to Credit Suisse. However, details regarding when the new credit payment service will be announced is unknown for now.
from 91mobiles.com https://ift.tt/3bR73VE
Comments
Post a Comment