Many of us in the Western World forget that we’re often the last people to hear about updates to important apps. For example, India is the lab of choice for major tech firms to test out new updates like Whatsapp Pay. Facebook-owned Whatsapp has reportedly been investigating a payment option in India for the past two years, and now it might be coming to the rest of us. So, are you ready for Whatsapp Pay?
Why Do We Need Whatsapp Pay?
I mean, we technically don’t. Most of us have a variety of other peer-to-peer payment options like Google Pay, Venmo, CashApp, and Paypal, available at any point. However, those are not all available everywhere in the world.
Whatsapp Pay could bring more effective peer-to-peer payments to the developing world, particularly South Asia and Africa. Both places still have developing infrastructure that often does not support the Western payment options like Venmo.
Let’s also not forget that crypto payments have become increasingly popular, with companies like Ripple even entering the global remittance markets. There is clearly a market for a new peer-to-peer payment option, and Whatsapp just might have tapped into it.
How Will Whatsapp Pay Work?
If you’re super dependent on your payment apps, but don’t want to download another, Whatsapp Pay may be ideal for you.
The payments will work directly through the app. In India, Whatsapp Pay is based off of the National Payments Corporation of India’s Unified Payments Interface. It’s dedicated pretty much exclusively for peer-to-peer payments, unlike Google Pay which allows users to pay their bills etc.
It’s not a reach to assume that it will work similarly in other regions. Facebook has allegedly been working on rolling this new feature out for the last two years, and Indian users have reported that it’s best for peer-to-peer payments.
In developing countries, and in the time of Covid-19, a means of payment that can be done exclusively from a phone app is ideal. Social distancing means that less people are going to work, and the need for remittance has increased. In developing countries, the remittance market is already fairly huge, and Whatsapp Pay could help it expand further.
Unlike Facebook, with its range of glaring social irresponsibility issues, Whatsapp Pay could be a force for good.
So, there’s really only one question left to ask: Are you ready for Whatsapp Pay?
Whatsapp Pay Could Bring Peer-to-Peer Payments to Developing Countries
It’s not like developing countries have no form of peer-to-peer payment systems, in fact many have had them for thousands of years. However, in the digital age it’s vital that we move forward – particularly in a time of social distancing. Whatsapp Pay could be an immense help to those looking for a peer-to-peer payment option, without all of the hassle. Since rolling the feature out in India in 2018, Facebook has clearly made strides. Now, there are whispers that it will be available elsewhere in the very near future. So, are you ready for Whatsapp Pay?