India’s economy has flourished against all the odds. Not even poverty levels among its citizens stopped it from trampling over many European economies.
According to the International Monetary Fund (IMF), India is the fifth biggest economy worldwide in terms of gross domestic product.
Recently, WhatsApp joined India’s payment market to race against Alibaba and Google, who are already set to reap from this propitious market.
The freshly rolled out WhatsApp Pay platform will race for customers with established digital payment avenues, such as Amazon Pay, Apple Pay, and Google Pay.
Its goal is to diversify its services and concentrate on money-related services and increase user awareness and adoption.
The Facebook-owned firm went public with the excellent news hours after it had received India’s payment regulator’s go-ahead.
The market is strategic with a 1.3 billion population and a significantly large internet user base that prefers digital payment methods like mobile. India alone contributes to the largest shares of the mobile messaging market, with over 400 million users. And now mobile payment fans will transfer and receive funds via WhatsApp’s chat platform.
Last year, the firm conducted experimental tests that included over a million users, and the successful results have paved the way for this launch.
WhatsApp Pay, scheduled to launch later in other nations, “will make money transfers as easy as sending a WhatsApp text.” according to Will Cathcart, WhatsApp’s Global President.
“This year, we will focus on providing this service to all our Indian users,” he explained.
Payment experts have pinpointed this service as an essential accelerator to register more people into the financial system and welcome them into the fast-growing digital economy.
Beyond India, WhatsApp is searching for new markets in densely populated poor or low-income nations and strong internet dependence and tech-savvy culture.
Because established economies are packed with digital payment remedies like Amazon Pay, Apple Pay, and Google Pay services, exploring markets like Brazil and India forms an excellent platform for affordable electronic payments.
WhatsApp Pay initial Brazil kickoff in mid-June only went on for a week before the Brazilian Central Bank called it off to preserve an appropriate environment,” on top of worries around the privacy of the gathered user data.
The Brazilian payment regulators have since confirmed that they will let Whatsapp proceed with the launch.
Final Words
Facebook creator Mark Zuckerberg appeared in a video during WhatsApp Pay’s rollout in India, highlighting that it would drive “innovation” in the payments ecosystem. Zuckerberg recognized India’s connected payment network in India, which featured up to 14 Indian banks.
Author Bio:
Payment industry guru Taylor Cole is a passionate payments expert who understands the bestpaymentproviders.co.uk. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.
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