1 min read

WhatsApp tests viability of digital payment feature in India

Luana PASCU

February 09, 2018

Ad One product to protect all your devices, without slowing them down.
Free 90-day trial
WhatsApp tests viability of digital payment feature in India

After working on its development since last year, WhatsApp has introduced a beta version of its digital payment feature on Android and iOS in India. The network”s peer-to-peer payment specification will be available to an exclusive group of testers and, if all goes well, it will be released for wide adoption in India. The company hasn”t said whether it will expand the feature to Europe or North America.

WhatsApp is the preferred communication network, with some 200 million daily users.

“Over 80% of small businesses in India and Brazil say WhatsApp helps them both communicate with customers and grow their business today,” says the company”s blog, so no wonder India is an important test market for digital payments.

More and more organizations are switching to digital payments to make their products and services more available to a larger audience. WhatsApp is not the only tech company developing payments via the government-backed UPI (Unified Payment Interface) standard; Amazon India is now also accepting such payments.

Samsung, Zomato and Google are also looking to integrate the interface. A significant number of banks including the State Bank of India, HDFC Bank, and ICICI Bank have agreed to take part in the digital payment initiative, which is a major step forward as financial institutions deal with a historical flow disruption.

The growing interest and transition towards digital payments in the consumer sector is raising concerns about the security efforts required to sustain the proper flow of transactions. Soon enough, innovative technologies such as the Internet of Things will be also be assimilated to make payments even more accessible. But, looking at their current infrastructures, quite a large number of institutions are not fully prepared to handle this drastic transformation that will expose fintech to a number of risks.

tags


Author



Right now

Top posts

Enhance your cyber resilience and privacy on Computer Security Day in four easy steps

Enhance your cyber resilience and privacy on Computer Security Day in four easy steps

November 29, 2022

2 min read
How to monitor your online privacy during your Thanksgiving trip

How to monitor your online privacy during your Thanksgiving trip

November 22, 2022

3 min read
Just your yearly dose of Black Friday spam: Cybercrooks get ahead of the game to steal shoppers’ info

Just your yearly dose of Black Friday spam: Cybercrooks get ahead of the game to steal shoppers’ info

November 16, 2022

6 min read
Bitdefender VPN in 2022: the new, the improved, and the soon-to-be

Bitdefender VPN in 2022: the new, the improved, and the soon-to-be

November 14, 2022

5 min read
Cyber Tips for a Spook-Free Halloween

Cyber Tips for a Spook-Free Halloween

October 26, 2022

3 min read
August Spam Debrief: Bitdefender Labs Warns of Fraud Campaigns Exploiting the Russia-Ukraine War

August Spam Debrief: Bitdefender Labs Warns of Fraud Campaigns Exploiting the Russia-Ukraine War

August 31, 2022

4 min read

FOLLOW US ON

SOCIAL MEDIA


You might also like

How to keep your Android device immune to malicious vaccine themed apps How to keep your Android device immune to malicious vaccine themed apps
Cristina POPOV

April 22, 2021

2 min read
Facebook Takes Down Two Hacking Groups Operating out of Palestine Facebook Takes Down Two Hacking Groups Operating out of Palestine
Silviu STAHIE

April 22, 2021

2 min read
Ransomware attack causes supermarket cheese shortage in the Netherlands Ransomware attack causes supermarket cheese shortage in the Netherlands
Graham CLULEY

April 13, 2021

2 min read