WhatsApp P2P payments are set to go up against the plethora of mobile payments, beginning in India, released to about 1 percent of its user base…
Last April, rumors swirled around a possible WhatsApp peer-to-peer payment system in India. Now, reports reveal that Facebook, the parent company, is indeed testing the feature with approximately 1 percent of the app’s users.
WhatsApp Starts Testing P2P Payments in India
The new WhatsApp P2P payments tool is built on the country’s UPI or Unified Payments Interface. That means users can instantly transfer funds from one bank account to another fee-free. In this emerging market, the WhatsApp P2P payments feature will go up against Tez by Google, local wallet service Paytm, as well as the government’s own app, BHIM.
The likely reason behind the limited launch is to get a system in-place that supports B2C or business to consumer payments. WhatsApp claims an impressive 200 million users in the country. So, this is a good test location. And, it’s just launched its first official business app. Which means the company will have to work out functionality to supper consumer to business commerce.
WhatsApp Official Business App Introduced
Along with testing the WhatsApp P2P payments service, the company just introduced its first enterprise property. The new WhatsApp Business app lets companies set up their business profiles, simply by providing basic information. (Such as a business description, email, phone number, and website.) The launch comes about five months after WhatsApp started limited testing of verified business accounts.
Consumers will know when they are communicating with a business thanks to a “Business Accounts” identifier. Eventually, those enterprises will become “Confirmed Accounts,” once a verification process completes. The new WhatsApp Business app sports some useful tools. For instance, “quick replies” answer frequently asked questions; “greeting messages” are B2C introductory messages; and “away messages.”
Read more about the new WhatsApp Business app on the company’s official blog announcement.