Mumbai: Whatsapp is to launch it’s new Whatsapp payment feature in India this year after a few formalities and negotiations are made. As the Global head of Facebook, will Cathcart said, now it’s time for Facebook to step in the digital payment area.
Cathcart said that the main vision of the company is to send money as easily as sending a text.
“We believe that if we get this right, it will accelerate financial inclusion and bring value for people in India’s fast-growing digital economy, We can’t wait to provide the service more of our users all across India later this year,” he said.
Due to the various problems faced by Whatsapp in India due to the fake news and mob lynching, the launch of the payment feature had to be delayed. Now the company is going through India’s regulations about the payment norms and trying to agree with every rule.
The Facebook-owned company has over 400 million users, it’s popularity is unmatched by any other messaging app and its payment feature might give a tough competition to PayTm and google pay.
Facebook is currently trying to get through India’s norms and it has confirmed that they have developed a system to store all the payment related data locally, in the country. In May the company has told the Supreme Court that their trial here, will be over by July and that they would not launch any new feature without following the countries norms.