WhatsApp planning to launch UPI-based payment system in India
The Social networking and instant messaging front – runner, WhatsApp is thinking of exploring new horizons with getting into the mobile payment industry in India. WhatsApp is now owned by none other than social media giant, Facebook. As per reports, the UPI platform might be utilized by the WhatsApp to start their new digital payment system. UPI is a person to person digital payment system launched few months ago in India, which enables users to use their mobile for making transactions from their bank accounts. This new venture is expected to be on the floors in around 6 months if the project work remains steady.
The biggest advantage of WhatsApp with its launch of UPI based digital payment system will be that eight out of ten Indians using smart phones already are WhatsApp users and they will get this payment feature readily available in their device with a simple software update. So WhatsApp will always have a bigger advantage in grabbing more customers in a short span of time and expand their market.
Recruiting employees specializing digital payments
As per the website of the WhatsApp, it is looking for new recruits in India who are technically sound with the digital payment systems in India such as UPI based, Aadhar based or BHIM payments. Also there is job opening for financially sound candidates who have technical knowledge in the BHIM application and Aadhar cards. These particular job advertisements in WhatsApp’s website have raised more speculations about the company’s new prospects to dive in to the digital payments industry in India. Though the reports from the company officials state that the works on the UPI based digital payments are in very preliminary stages. It may take around 6 months for the WhatsApp to implement a new digital payment system specifically made for Indian customers.
Some important facts regarding the WhatsApp’s new venture in digital payments in India:
- WhatsApp has the claim of having 1 billion users who are active on the social media platform throughout the world.
- In India, it is the most widely used instant messaging service with more than 200 million active users. For WhatsApp also, India is one of the top most crucial market places in the world. So marketing is one sector where WhatsApp need not invest for starting their digital payments initiative.
- WhatsApp tried to venture in the mobile wallet industry recently, however it failed to meet the criteria set by RBI in its new guidelines published on 20th March, 2017, in connection with the digital wallets in India.
- To contribute to the aim of having Digital India in near future, WhatsApp is committed to venture new sectors, like digital payments which will make lives of people easier and smarter.
Prospects of the upcoming WhatsApp’s peer-to-peer digital payment system
After the demonetization drive by the PM of India, Shree Narendra Modi in November, 2016, India has seen a tenfold growth in terms of digital payments. The use of digital payments such as mobile wallets, UPI based payments, BHIM payments, Aadhar based payments have multiplied simultaneously. The drive for cashless economy in the country has led to opening new prospects to several companies such as PayTM to grab the opportunity and provide the people better digital payment opportunities. So for WhatsApp, it will be a free market to venture and grow with 200 billion of already existing active subscribers in the country. Upon full development of the UPI based digital payment system, WhatsApp will most probably provide a new update to their application and urge the users to update their version of app. The users may not need to download separate app for this purpose.
Some other new digital payment services launched by several tech giants recently:
- One mobile payments system named Samsung Pay has already been launched by the Samsung in India, last month.
- Truecaller, which is a Sweden based company has partnered with the ICICI bank to provide person – to – person digital payment service in India, through UPI.