Whatsapp, one of the most popular social media and the instant messaging app has given the waves of pulling out the Whatsapp digital payment as a new feature in India. Although now owned by Facebook, WhatsApp holds its own market and brand value backed by its huge user base in the country. Looking into the increase in the digital transactions in the country this might be a big move taking the WhatsApp’s brand value to an all different level.
With the rapid growth of technology and the virtual world of internet, there is a rapid change in the business ways. From Amazon bringing in Amazon Pay and Ola and Uber bringing their own payment options, we have seen many big companies jumping for the varying payment options of their own for their users.
By putting the digital payment as a feature, WhatsApp will replicate the Chinese instant messaging app Wechat owned by Tancent Holdings. Wechat, however, has been offering this feature for quite a long time and is a popular source for digital payments in China and has a strong user base.
If we go by an advertisement posted on WhatsApp’s official website which stated that the instant messaging app is looking for a technical resource who understands the Unified Payment interface being used in India or the other payment options which work on the phone numbers as their base for the digital payment, leading the company into the digital payment market space. Even WhatsApp spokesperson was seen stating “India is an important country for us and we are looking into the ways in which we can contribute to the digital India initiative”, referring to the digital India initiative started by the Prime Minister Narendra Modi.
Mr. Brian Action (co-founder of WhatsApp) was also found stating in February that they are in talks with the Indian Government about investing in the digital payment space of the Indian Market.