As the financial technology industry continues to grow rapidly, the mobile payment market is constantly being joined by new competition.WhatsApp is about to make a strong foray into the electronic payment market, awesome!
WhatsApp pioneered the piloting of an electronic payment system in India as early as February 2018, introducing an electronic payment service called payments, which allows WhatsApp users to make instant direct transfers of PSP using the contact list contact lists.
It has been reported that WhatsApp payments can be officially launched as soon as 2020.
Media reports say WhatsApp payments will be rolled out to Mexico, South Africa, Indonesia, Malaysia, Brazil this year, or formally launched in 2020.
WhatsApp payments can even allow multinational banks to link direct transfers, achieve cross-country transfers quickly, and improve the efficiency of overseas online shopping. Will WhatsApp Payments follow the trend and change its name to WhatsApp Pay?
With the WhatsApp payment system, users can spread money around the world by simply transferring the amount of the transaction through the WhatsApp contact person, making it easy to shop online.
It is understood that WhatsApp virtual currency can promote international transactions, and it is believed that it can be implemented around the world, even in countries where it is difficult to apply for a bank account for online shopping. WhatsApp’s virtual currency will also be pegged to the dollar to ensure its value. The news follows the launch of WhatsApp Payments in 2020.
India made its first phase of WhatsApp Payments last year. According to the screenshot of mobile phone uploaded by users, WhatsApp Paymetns lists the names of several local Banks. After the user confirms the identity, PSP point-to-point transfer can be made between different Banks.
Competition in the mobile payment market is fierce. WhatsApp, which is backed by Facebook, enjoys a high usage rate worldwide. In addition to this will certainly enter the electronic payment market, to facilitate users online shopping payment, WhatsApp is expected to cooperate with multinational Banks, to achieve the transnational version of the fast money transfer function.
WhatsApp pay will be officially launched in 2020, in the WhatsApp program interface, with the contact person for instant transfer trading is not a dream.