It is reported the Facebook acquired messaging app Whatsapp is looking to introduce digital payments in India’s already booming peer to peer payments market.
Whatsapp has posted a job looking for a resource to lead the digital payments sector which is said to be coming soon and will collaborate with banks and developing global support for the new product.
This will be Facebook’s first ever attempt to introduce any mobile payments to its messaging app. Earlier Facebook had introduced a peer to peer payment system for Messenger back in 2015.
Market analysts have said this happens Whatsapp will prove to be the best platform to introduce mobile payments because of the sheer size of users it has in India. According to numbers calculated in November 2016, Whatsapp had 160 million users all over India which are slightly more than the Facebook users in the same country.
A market expert said Indian businesses already use Whatsapp excessively for business conduct every day and the new feature will be a welcomed addition unlike other additions Whatsapp introduced and faced criticism, but those were not business oriented of course.
It is reported Facebook’s messaging app will collaborate Indian government’s project “Unified Payment Service” which was launched last year which enables money to be transferred between different mobile money services as well as bank accounts.
With the introduction of this new feature, the company will prove be directly competing with PayTM, a payments-focused Indian start-up in which the Chinese technology giant Alibaba, who is also looking to invest in Pakistan, has invested more than $680m.