WhatsApp Pay is coming up with a new update of WhatsApp, making it the latest service to let users transfer money to one another in seconds.
It is making an app which has both features of chat and money transfer.
It is under Beta testing and most probably new update will be available on App stores this December.
After successful 8 years (since 2009) of WhatsApp. In July 2017, 1300 Million people use Whats’s App on their cell phones. With this growth rate, it is the most popular messaging application at the time. Its user base is especially large in India, Russia, South America, Southern Africa and the UK.
After a “delete for everyone” update, which consists of a feature that deletes the sent message within 7 minutes. The user has now two options when click on delete button ie. “delete for me” and “delete for everyone”. The feature was already added in Instagram, It’s almost same even after sending the message we can “unsend message” a message. This new feature is very much appreciated and is using by people on a large scale.
WhatsApp Pay consists of payments and UPI Transactions(Unified Payments Interface). It is a payments system run by the Reserve Bank of India through which money can be transferred directly to the bank account. After addon of this feature just like a Paytm user is able to recharge mobiles, DTH, electricity, Book ticket and much more.
WhatsApp refused to comment on its future plans for WhatsApp Payments but said: “India is an important country for WhatsApp, and we’re understanding how we can contribute more to the vision of Digital India.
We’re exploring how we might work with companies that share this vision and continuing to listen closely to feedback from our users.” It has partnered with India’s leading banks, including SBI, ICICI, and HDFC, to make the UPI architecture for the payment service.
Challenges For WhatsApp Pay:
As India has already many payment apps which have excellent marketing like Paytm, Payphone, Tez(An app by Google), Freecharge, BHIM, JioMoney, PayzApp, IdeaMoney, AirtelMoney. In which Paytm is going to be a big business rival to the WhatsApp Pay. As Paytm is having a very good market in India with $1.3 Bn. As the Chinese e-commerce company, Alibaba is the biggest stakeholder in Paytm parent company One97 Communications, WhatsApp and Alibaba are two business rivals.
An initial release in India, where WhatsApp has been recruiting local payment app experts, would give around 200 million users the ability to transfer money through the app. We are eagerly waiting for this awesome update what about you tell us in the comment section.