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Instant messaging app WhatsApp, owned by Facebook Inc, is mulling a foray into digital payment services in India, its first such offering globally, and has advertised to hire a digital transactions lead in the country. WhatsApp is working to launch person-to-person payments in India in the next six months, news website The Ken reported earlier on Tuesday, citing unnamed sources. A WhatsApp move into digital payments in India, its biggest market that is home to 200 million of its billion plus global users, would replicate similar moves by messaging apps like Tencent Holdings Ltd's WeChat in China. "India is an important country for WhatsApp, and we're understanding how we can contribute more to the vision of Digital India," a WhatsApp spokesman said, referring to a flagship government programme that aims to boost the use of Internet-based services in the country. Digital transactions in India have surged after Prime Minister Narendra Modi's shock ban of certain high-value bank notes in November that accounted for more than 80 percent of the country's currency in circulation at the time.
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The government has also launched its own digital payments framework for digital payments, the Unified Payments Service, to foster this growth, letting banks and mobile apps easily exchange currency. And to capitalize on this, the company is reportedly planning to launch a digital payments service in the country some time in the coming months. If WhatsApp does launch a payment service, it will have certainly picked the right time to get involved. WhatsApp is the most popular messaging app in India, with over 200 million users — more than it has in any other market. In January 2016, digital payment services in India clocked up more than 262 million transactions worth some $1.3 billion, according to to the Reserve Bank of India — up from 100 million transactions last October.
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Instant messaging app WhatsApp, owned by Facebook Inc, is mulling a foray into digital payment services in India, its first such offering globally, and has advertised to hire a digital transactions lead in the country. WhatsApp is working to launch person-to-person payments in India in the next six months, news website The Ken reported earlier on Tuesday, citing unnamed sources. A WhatsApp move into digital payments in India, its biggest market that is home to 200 million of its billion plus global users, would replicate similar moves by messaging apps like Tencent Holdings Ltd's WeChat in China. "India is an important country for WhatsApp, and we're understanding how we can contribute more to the vision of Digital India," a WhatsApp spokesman said, referring to a flagship government programme that aims to boost the use of Internet-based services in the country. Digital transactions in India have surged after Prime Minister Narendra Modi's shock ban of certain high-value bank notes in November that accounted for more than 80 percent of the country's currency in circulation at the time.
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WhatsApp: WhatsApp may enter digital payments segment: Co-founder Brian Acton
UBI only after withdrawal of present schemes: SubramanianThe government has also launched its own digital payments framework for digital payments, the Unified Payments Service, to foster this growth, letting banks and mobile apps easily exchange currency. And to capitalize on this, the company is reportedly planning to launch a digital payments service in the country some time in the coming months. If WhatsApp does launch a payment service, it will have certainly picked the right time to get involved. WhatsApp is the most popular messaging app in India, with over 200 million users — more than it has in any other market. In January 2016, digital payment services in India clocked up more than 262 million transactions worth some $1.3 billion, according to to the Reserve Bank of India — up from 100 million transactions last October.
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