WhatsApp Global Head Will Cathcart on Wednesday said the company could roll out its payments service to users across India later this year, according to BT.
The messaging app, which has about 400 million users in India, has been testing its payments in the country since last year with about a million users.
Cathcart said the company’s vision is to make sending money as easy as sending a message on the platform.
„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 at an event here.
WhatsApp’s service, which would compete against the likes of Paytm, PhonePe and Google Pay, is yet to be rolled out nationally in India.
The Facebook-owned company, which has over 1.5 billion users globally, is looking rolling out its payments service in other markets as well.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”