Making payments using WhatsApp in India? Yes, it will soon be available
Maybe Paytm and MobiKwik sound familiar to you? Well, if you have not, these mobile wallet apps have scored a substantial gross profit over the past year and the market is yet to see someone else as a player.
Why making payments using WhatsApp in India?
The company is presently negotiating with the government to add support for UPI (a new payment system by the National Payments Corporation of India (NPCI)). UPI is open to third-party services and making payments is as quick as sending a text message.
India is an emerging country with a lot of smart solutions being recognized on a worldwide basis and logically an important move to expand further.
According to Mashable: The news comes weeks after Brian Acton, a founder of WhatsApp, visited India and met Indian government officials to explore ways to contribute to “India’s vision for digital commerce.” Acton also said that over 200 million users in India now use WhatsApp.
A consortium of major banks in India, the NPCI has been working aggressively to chalk out its own payment solutions to “crush” the mobile wallet systems such as Paytm, according to industry sources.
Meanwhile, India’s Prime Minister launched BHIM app, which works on top of UPI, in December last year. He claimed that BHIM app is destined to change the way Indians pay for things. However despite occasional free advertising from him, BHIM app is far from growing mainstream.