Facebook-owned instant mobile messaging & chat platform Whatsapp, which has been building a mobile-based payment transfer mechanism, has to wait now for making payments a reality in your WhatsApp application. Recent news is that WhatsApp Payments will take more time as it has to clear some regulatory requirements.
Yes, for those of you who are not aware, WhatsApp has been building a mobile-based payment service on the UPI (Unified Payment Service) and for past few months, it has been even testing the mobile payments with some WhatsApp users here in India.
WhatsApp is rumored to having sought approvals from Reserve Bank of India (RBI) & Ministry of Electronics & IT, Govt of India and further, it has been asked to first set up their own office and team here in India, then only proceed with the payments business.
WhatsApp is said to be having more than 200 million users in India. By virtue of the fact that these 200 million people use WhatsApp, it means that they have Smartphones, they have the internet connection and they are already having a brand affinity for WhatsApp.
This gives WhatsApp a huge market which is ready and the product placement (making people aware of Payment Service) should not be a tough task at all.
Currently, WhatsApp has features like online chat, group chat, location sharing, live location sharing, sending images & videos etc. Going forward, in the same menu list it proposes to add its payment service as well.
Looking at the fact that how deeply WhatsApp has already penetrated in India and with the increasing usage of mobile payments, WhatsApp may play a game-changing role in digital payments. Even for the users, keeping in mind the ease of use and a clean UI (user interface), WhatsApp payments is expected to be popular at the rapid pace.
Having built the payment service and then having tested with thousands of users, now the regulatory blockage is surely going to delay the launch. Those who have seen the test versions in their WhatsApp mobile app would be keenly waiting for the launch but there is yet no word on expected launch of WhatsApp payment service.
Write back in comments if you have experienced the WhatsApp Payments during the test. Your experience would be trailers for many before they get to see the live payment service app by WhatsApp.