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Last updateMon, 23 Jul 2018 5am

Back You are here: Home Economic Outlook Ever thought of paying thru WhatsApp?!

Ever thought of paying thru WhatsApp?!

 ‘The leaning forward era!’

21st century is literally a ‘leaning forward era’!

Leaning forward in the sense, each and everyone, especially the youth across the globe is leaning towards the tiny world on their fingertips. If you have any doubt regarding this, just sneak peek to your surroundings, there is much to prove you!

 

Well…, what is the main factor that pushed the 21st century to lean forward?!

It is nothing but the introduction of various apps, technologies, Internet and social Medias. Its impact on the world is beyond our thoughts. Literally, it had become one of the ‘bare necessities of life’, without which we cannot live!

Numerous messaging apps too entered the ramp, forcing the generation to bend down.

However, the one that became the ‘heartthrob’ of folks especially the youngsters is none another than WhatsApp!  Within few years, WhatsApp won the heart of many, across nations. Over the years, this Facebook-owned messaging app has accumulated ‘n’ number of users from around the globe. Even in India, it earned around 200 million monthly active users!

One of the enticing feature of WhatsApp that draws people towards it is the frequent updating options it brings for an easy and convenient use. But whenever it introduces new features, it never had any impact on the economy. But this time, for a change WhatsApp came up with an effect on the economy!

WhatsApp launched its peer-to-peer digital payments beta service in India!!!

It is a UPI integrated online payment option that enables the WhatsApp users to make payments thru it. As major portion of Indian folks uses WhatsApp, it is believed that the option will be helpful for people to transfer money directly. At present, the option is available only to the users of iOS and Android. This long-anticipated feature will let the people to send and receive money directly via WhatsApp messenger. The peer-to-peer UPI payments feature has been bowled for Android and iOS versions of the app at present.  It is said that, eventually WhatsApp will roll its payment option to the rest of the users too. 

As one-third of the Indian population uses WhatsApp, it is rumored that it might affect the existing online money payment options in India like Phonepe, Paytm, Mobikwik etc. although it is not yet penetrated India fully, it is now created a tense state to the giant players in the Indian internet banking market. Because WhatsApp is very generous and highly used messaging app all around the globe, and it has a greater acceptance among the people across nations. So its entry to the Indian market will be a threat to the domestic players. Which can even lead to the deletion of them from the Indian context. So various protests are arising from different corners of the nation against the launch of WhatsApp’s digital payment. It is sure that WhatsApp will definitely create a competitive state to the other players in the economy. In fact, the increased competition among these service providers ultimately gonna benefit the users!

Get Updated

As we all know current news coming out from Facebook does not sounds well. Delete Facebook hashtags are viral everywhere. The user data leakage is now a big question. As Facebook being the parent company of WhatsApp, its quite common that the users will get confused about the safety of digital payments. Proper learning and updating latest news timely will help you to avoid such situations to an extent.So as the new feature start to roll in India, make sure that everything is safe and then proceed. So that you can have trouble-free transactions…

 

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