WhatsApp, which has more than a billion users a day, has become the latest company to dive into the fast-growing digital Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term market in India, having introduced payments to its messaging app to let users transfer money to one another with a text.
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A beta version of WhatsApp's update reveals the service in India, where the messaging app recruits local payment app experts, which was discovered by the blog WABetaInfo.
?WhatsApp Payments screenshots for the setup -- thanks @nagenderraos pic.twitter.com/oqPiIMWnra
— WABetaInfo (@WABetaInfo) February 8, 2018
The new the beta feature, which is set to give around 200 million users the ability to transfer money through the popular app, is only available to the mobile version of the application and not on WhatsApp Web.
The payment interface is based on UPI services, a peer-to-peer mobile transactions system run by the Reserve Bank of India. The service allows money transfers between any two bank accounts with registered mobile numbers, and the list includes India’s major banks such as HDFC Bank, ICICI Bank, State Bank of India.
The Facebook-owned messaging app has rolled out the payment feature in the same area where users can share a photo, video, file, contact or location into your chat session.
The new product is aimed at the rapidly growing digital payment market in India, which is expected to touch $500 billion by 2020. Alibaba-backed Paytm currently dominates the burgeoning ecosystem with a nearly 60 percent market share.
The market is also crowded with several mobile wallet players that are working to grab a slice of India’s growing mobile wallet pie. The list includes global companies like Truecaller, Uber, Hike Messenger, MobiKwik, FreeCharge, Oxigen, Citrus Pay, Phone Pe, PayU, ItzCash, Jio Money, and Ola Money.
However, WhatsApp support for payments is highly anticipated because of the app’s huge popularity among Indian users, where the country is its largest market with over 200 million active daily users.
WhatsApp, which has more than a billion users a day, has become the latest company to dive into the fast-growing digital Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term market in India, having introduced payments to its messaging app to let users transfer money to one another with a text.
Discover credible partners and premium clients at China’s leading finance event!
A beta version of WhatsApp's update reveals the service in India, where the messaging app recruits local payment app experts, which was discovered by the blog WABetaInfo.
?WhatsApp Payments screenshots for the setup -- thanks @nagenderraos pic.twitter.com/oqPiIMWnra
— WABetaInfo (@WABetaInfo) February 8, 2018
The new the beta feature, which is set to give around 200 million users the ability to transfer money through the popular app, is only available to the mobile version of the application and not on WhatsApp Web.
The payment interface is based on UPI services, a peer-to-peer mobile transactions system run by the Reserve Bank of India. The service allows money transfers between any two bank accounts with registered mobile numbers, and the list includes India’s major banks such as HDFC Bank, ICICI Bank, State Bank of India.
The Facebook-owned messaging app has rolled out the payment feature in the same area where users can share a photo, video, file, contact or location into your chat session.
The new product is aimed at the rapidly growing digital payment market in India, which is expected to touch $500 billion by 2020. Alibaba-backed Paytm currently dominates the burgeoning ecosystem with a nearly 60 percent market share.
The market is also crowded with several mobile wallet players that are working to grab a slice of India’s growing mobile wallet pie. The list includes global companies like Truecaller, Uber, Hike Messenger, MobiKwik, FreeCharge, Oxigen, Citrus Pay, Phone Pe, PayU, ItzCash, Jio Money, and Ola Money.
However, WhatsApp support for payments is highly anticipated because of the app’s huge popularity among Indian users, where the country is its largest market with over 200 million active daily users.
