Facebook founder and CEO Mark Zuckerberg announced WhatsApp will roll out its payment feature within 6 months in India. According to him, it will be easy as sending a photo to transfer money. In India, Whatapp Pay will be based on UPI just like Google Pay, Paytm and PhonePe. Whatsapp's payment feature hasn't got a license in India because all transactions using UPI has to be stored in India.WhatsApp has about 400 million users in India. The payment feature is currently running in pilot mode. If the company gets a payment license for a full-fledged rollout, other players in the market, including Google Pay, PhonePe and Paytm will face competition.
Beyond WhatsApp Payments, Zuckerberg said the company is working on several other efforts to help facilitate more commerce from Facebook Marketplace to Instagram Shopping. “We're taking a number of different approaches here, ranging from people buying and selling to each other directly to businesses setting up storefronts, to people engaging with businesses directly through messaging and a number of things on payments -- using existing national systems like India's UPI to creating new global systems,” he said. Facebook beat Wall Street estimates in the quarter ended December but slowing profit growth dragged down share prices. Net income rose 7% year-over-year to $7.3 billion, compared to 61% growth over 2018.
Beyond WhatsApp Payments, Zuckerberg said the company is working on several other efforts to help facilitate more commerce from Facebook Marketplace to Instagram Shopping. “We're taking a number of different approaches here, ranging from people buying and selling to each other directly to businesses setting up storefronts, to people engaging with businesses directly through messaging and a number of things on payments -- using existing national systems like India's UPI to creating new global systems,” he said. Facebook beat Wall Street estimates in the quarter ended December but slowing profit growth dragged down share prices. Net income rose 7% year-over-year to $7.3 billion, compared to 61% growth over 2018.
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