WhatsApp’s Digital Payments Could Change the Scenario for Other Digital Players
Whatsapp has finally rolled out its much awaited payments feature across the country which is giving a huge boost to digital payments in India. Pixr8 also today published that digital payments in India will soon touch $1 trillion by 2023, which is for sure is good news for 'Digital India'.
However, this is not the first time when WhatsApp tried foraying into the payments business. Last year it tried launching a payments app but was turned down by RBI, which says,"Non-bank entities applying for authorisation shall be a company incorporated in India and registered under the Companies Act 1956 / Companies Act 2013." WhatsApp, owned by Facebook is headquartered in United States hence it could not enter the payments market.
However, after Modi's Starup India and Digital India campaigns, ...