WhatsApp global head Will Cathcart confirmed that the popular messaging platform would launch a payments service in India later this year. WhatsApp began testing of its payment system last year with one million users in the country. The messaging platform currently has over 400 million users in the country.
According to a report by Business Today, Cathcart claimed that WhatsApp’s vision was to make sending money as easy as sending messages on the platform. At an event, Cathcart said, “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.”
The Facebook-owned company has over 1.5 billion users globally and is also looking at a global rollout. In India, WhatsApp’s payment service will go head-to-head with the likes of Google Pay, PhonePe and Paytm. However, Indian authorities have raised several concerns over users’ privacy and security.
Indian authorities have raised concerns around data storage practices and authentication. Authorities have raised concerns about the payment service’s policy on sharing user data with group companies like Facebook and Instagram. Business Today reported that homegrown rivals claim that the platform raises “security risks for consumers and is not in compliance with the guidelines”.
The government has tasked the National Payments Corporation of India (NPCI) with examining and ensuring user data collected through payment services are not shared. However, representatives for the messaging platform have told the Supreme Court that it wouldn’t launch payment services in the country without full complying with central bank norms.