WhatsApp launch a mobile payment system by the end of 2019 in India. Will Cathcart, global head of the Facebook subsidiary, said Wednesday, July 25 that they have been testing their payment system in India since last year, according to Business Today.
The messenger app has 400 million users in India and 1.5 billion users worldwide, according to the report. The announcement of the payment system comes at the same time that Facebook begins its incursion into cryptocurrencies.
Facebook unveiled in June the, which will be managed by a body called the Libra Association and managed through a wallet service called Calibra. Libra is intended to be used to buy products, send money internationally and make donations. However, it cannot be launched in India, as cryptocurrency is basically prohibited.
With WhatsApp Pay, sending money is as easy as sending a message, and the company is looking to launch this service to international markets, according to Business today.
"We believe that if we do it right, accelerate financial inclusion and bring value to people in the growing digital economy in India," said Cathcart. "We cannot wait to provide the service [a] more of our users throughout India later this year."
According Business todayLast year WhatsApp said it had developed a data storage system that complies with the policies of the Reserve Bank of India.
WhatsApp and Facebook did not immediately respond to a request for comment.