Facebook CEO Mark Zuckerberg is planning to add the much-awaited payment feature for the 250 million WhatsApp users in India.
According to sources, Zuckerberg is looking forward to bring a feature-rich payment system to facilitate digital transactions through WhatsApp.
The move is expected to create a “WhatsApp moment” in Indian banking sector.
With this move Facebook aims to provide a safer and hassle-free payment experience for WhatsApp users . The company expects to acquire an instant customer base for the payment service as WhatsApp is widely used in India.
Mobile-based banking services witnessed immense growth in India since the demonetization in 2016.
The volume of mobile-based transactions in India has been increasing every year with companies launching their own payment services.
Google had launched its payment platform Tez in India last year. Tez now has 12 million customers and has carried out over 140 million transactions.
According to experts, WhatsApp’s entry to the mobile-based transaction platform will create a fierce competition in the segment as more international players will target Indian market.