Messaging app WhatsApp is working on plans to foray into digital payments market in India, a report published on claims. In 2014, Facebook acquired WhatsApp for over $19 billion.
“Facebook-owned WhatsApp is working on launching payments in India. UPI appears to have won over wallets as the mechanism,” the report said.
The company that at present does not have a team in country is looking for someone to head its digital transactions business, or an expert who holds sway over digital payments based on Unified Payments Interface (UPI), BHIM and Aadhaar.
India’s vast digital payments market is expected to touch $500 billion value mark by 2020 which most of the players including incumbents would not want to lose out on.
WhatsApp is one of the largest texting apps in India and has over 200 million active users in its kitty. Its foray into digital transaction space will give a boost to government’s push for digital transactions and cashless economy.
In India there are already a number of digital transaction apps and platforms that are offering hassle-free transaction services since their inception. But what makes WhatsApp stand out among these apps is its huge popularity and a widespread usage.
Majority of Android and iOS users in country presently uses WhatsApp on their smartphones.