The revolution, which was started to eliminate black money has taken a new shape and now the motive is to move one of the biggest cash-based economies to digital. A number of platforms are already added in the market to promote digital payments and now WhatsApp is next in line.
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According to a report, WhatsApp will soon hire a head of digital transactions specializing in UPI and Aadhaar payments. With the entry of WhatsApp in the digital payments, the Android Pay and Apple Pay will have to restructure their strategies for the Indian market. The entry of WhatsApp in the digital payment segment was also indicated by Brian Acton, who said, “ we are looking to invest, to help people across India, and we are willing to contribute in the latest move of India’s vision for digital commerce in the future.”
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A platform which has already a user base of approximately 200 million users if enters in a new segment will definitely have an added advantage of attracting users. As most of the users use WhatsApp for communicating, an added feature of making transaction will provide major flexibility and it might hinder the early sheen gathered by Paytm. Let’s see when we see a new platform in the digital payment segment and how it transforms the industry with its services.
