WhatsApp reportedly introduces a payments system later this year, beginning in India. Will Cathcart, the Facebook subsidiary’s global head, stated Wednesday it has been testing its payments in India since last year, in accordance with Business Today.
The messaging app has 400 million customers in India and 1.5 billion globally, the report says, with the announcement of the payment coming as Facebook begins its play into cryptocurrency. Facebook last month unveiled the global digital coin, which will probably be managed by a governing body known as the Libra Association and through a wallet service named Calibra. Libra is meant to be used to buy products, send money internationally and make donations — but it can’t launch in India, where cryptocurrency is essentially banned.
WhatsApp Pay would make sending money as easy as sending a message, and the corporate is trying to launch it in other international markets, Business Today stated.
“We believe that if we get this right, it can accelerate financial inclusion and bring worth for people in India’s fast-growing digital economy,” Cathcart reportedly mentioned. “We can’t wait to supply the service to more of our customers all across India later this year.”
According to Business Today, WhatsApp last year stated it had developed a payments data storing system that complied with the Reserve Bank of India’s policies.
WhatsApp and Facebook did not immediately reply to a request for comment.