WhatsApp Could Shake Up Digital Payments in India
- Rivals such as Paytm have criticized the Facebook unit
- Credit Suisse sees India mobile payments reaching $1 trillion
A passenger sits using a mobile phone at Mumbai Central Train Station in Mumbai, India.
Photographer: Dhiraj Singh/Bloomberg
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Just 16 months after demonetization forever changed the way Indians pay for things, WhatsApp is set to disrupt the market yet again.
With more than 200 million Indians already using its messaging, WhatsApp is piloting a payment service that lets them transfer money to each other. The well-timed move has riled rivals, who say the Facebook Inc. unit hasn’t adhered to security requirements and doesn’t link to other digital wallets.