WhatsApp As A Digital Payment Platform?
With the approval of the National Payments Corporation of India (NPCI), it is official now that the famous messaging app will now be available as a digital payment platform in India. It’ll go live on Unified Payments Interface (UPI) in the multi-bank model.
A safe and secure transaction method would be built and implemented under the supervision of the NPSI. The service, approved after almost two years of reliability check, is an excellent platform that makes it easy to carry on transactions between different apps and companies. WhatsApp is a powerful application, with over 400 million users across India. Therefore, the launch of WhatsApp pay makes it more attractive and versatile.
Starting today, people across India will be able to send money through WhatsApp ? This secure payments experience makes transferring money just as easy as sending a message. pic.twitter.com/bM1hMEB7sb
— WhatsApp (@WhatsApp) November 6, 2020
It is believed to have opened an enormous opportunity for micro and small-scale business enterprises across the country, which proves to be a significant part of the Indian economy. WhatsApp has become continually substantial in many fields, post its sell to Facebook. Booking of LPG cylinders of Indane through WhatsApp has become interactive and drawing multi-million users for Indane. These are simple ways of how WhatsApp has impacted various sectors of the Indian economy.
India is the first country to experiment in this realm and has tremendously succeeded in it. Over the years, the Indian subcontinent has been a significant site for social media platforms. To this, the Indian population is open to all creative ventures in this realm. Most of the country’s economy is based on its service sector, and IT sector services add significant bulk to GDP. The more ventures into such interactive platforms, therefore, affect the country in the positive axes.
Brazil has become the first country to roll the payment system, as India follows. WhatsApp pay, thereby, joins a whole new competition in India with Google Pay, PhonePe, and other such digital payments platform. The onus is on how the services secure a reliable place in people’s lives and the incentives they put in to attract more users. Is it going to start a new competitive ground between companies? That is yet to be seen as it makes footfall in the subcontinent. Is it going to create more job opportunities? Certainly.