From the last couple of months, we have seen a big spike in mobile payments in India. Companies like PayTM, FreeCharge, Jio Money are trying very hard to capture as much user base as they can. Even the Government of India is pushing hard to pump up the cashless economy by facilitating new payment systems and easing up the mobile payments. Now, the Facebook-owned WhatsApp is also planning to foray into mobile payments.
According to the latest report by The Ken, instant messaging app WhatsApp is planning to launch peer-to-peer payment system in India. This payment system is likely to be based on UPI (Unified Payments Interface). If it turns out to be true, you’ll be able to send money to your friends and family right from the WhatsApp. It will also be a big blow to already established mobile payment platforms such as Paytm, FreeCharge, etc.
The report also suggests WhatsApp is hiring a head of transactions in India with proficiency in UPI, Aadhaar and BHIM platforms. Earlier this year, WhatsApp co-founder Brian Acton also said in an interview that the company might enter into digital payments soon. Currently, WhatsApp is the most popular messaging service in India with over 200 million active users. So, it would be really interesting to see WhatsApp competing with other digital payment services.