WhatsApp Making The Move To P2P Digital Payments
WhatsApp is getting ready to launch its first digital payments service in India.
WhatsApp, which is Facebook-owned, is already the most popular messaging app with customers in India, and it's used by billions around the world. And there are billions of messages that get sent every single day from those who use the device.
Lawmakers have recently raised their concerns in regards to the app, insinuating that it can be used for terrorist activity because it provides a platform for UN-monitored speech online, among other worries.
Although many believe that their communications are entirely private when they are using the app and that those messages can't be monitored, it's been admitted that a security vulnerability had been found that might allow those encrypted messages within WhatsApp to be intercepted.
It's suggested that the app has implemented its end-to-end encryption protocol in such a way that it has left an opportunity for government agencies or others to use it as a backdoor in order to snoop on users of the app.
At the moment, India is said to be WhatsApp's largest market and it is estimated that they have about 200 million people within the country who use WhatsApp on a regular basis (monthly active users). The mobile payment market in India continues to grow as they've decided to crackdown on cash there; the demand for mobile payment services has surged.
Now WhatsApp is making a big move in entering the payment space by offering their users the chance to send peer-to-peer payments.
The new payment service by WhatsApp would be competing with China's Alibaba PayTM option which is already well-known and favored in the region. This would be Facebook's first effort to enter the mobile payment space with WhatsApp.
They launched their own P2P payment option for Facebook Messenger back in 2015.
For now, WhatsApp has declined to comment on the upcoming plans for India but it looks like they are actively searching to recruit someone who would be tasked with the role of a Digital Transactions Lead. The duties of which include: helping users of a forthcoming digital payments service, collaborate along with banks, and more.
Pics:
Pixabay
KCB Internet Trends via Adweek
Sources:
https://www.fool.com/investing/2017/04/06/facebooks-plan-to-win-over-india-with-whatsapp.aspx
http://paymentweek.com/2017-4-7-whatsapp-poised-for-entry-into-the-indian-market/
https://www.theguardian.com/technology/2017/jan/13/whatsapp-backdoor-allows-snooping-on-encrypted-messages
http://www.adweek.com/digital/7-big-trends-are-shaping-future-digital-advertising-171773/
https://steemit.com/money/@dollarvigilante/the-war-on-cash-rages-on-in-india-and-venezuela
http://business.financialpost.com/fp-tech-desk/personal-tech/wall-streets-whatsapp-problem-illegal-texting-through-encrypted-messaging-is-out-of-control
https://steemit.com/news/@doitvoluntarily/uk-minister-says-encryption-on-messaging-services-is-not-acceptable
https://www.ft.com/content/5a1623c4-192d-11e7-a53d-df09f373be87
https://steemit.com/money/@doitvoluntarily/biometric-payment-system-coming-to-india
I heard China already started quite well with Wechat and Alipay. I saw Alipay poster in Singapore even. Alipay is from Aliaba. Here is a write up on wechat pay I found
https://techcrunch.com/2016/03/17/messaging-app-wechat-is-becoming-a-mobile-payment-giant-in-china/
Thanks for sharing.
The best news information.
I like to technology aplication whatshapp
OK, “Facebook owned”, that’s really all we need to know :)
These types of apps already exist, i think its a matter of how it fits a certain demographic, reaching tge masses, terroist like orginized crime will exploit all avenues. How does one protect themselves?
This post has been ranked within the top 50 most undervalued posts in the second half of Apr 09. We estimate that this post is undervalued by $0.32 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Apr 09 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.