As I am not a very tech-savvy person, my eyes simply widened when I read about how WhatsApp can now be used to send money. I dug up my phone and started checking my Playstore for updates on Whatsapp— and there was nothing.
Nada.
Then I realized that it was just for India.
Ladies and Gentlemen, this is why you should always understand a situation fully before taking actions of any kind.
So, WhatsApp is going to be like WeChat, huh? This is actually pretty interesting if it gets popularized in Singapore. Heck, this might just be the booster we need in encouraging Singaporeans to use cashless transaction methods other than Nets and Debit.
However, as of the moment, this service is only available in India, one of WhatsApp’s most important markets.
In fact, WhatsApp actually confirmed that they are working on a payment service for India back in April of 2017.
In order to achieve that, they apparently worked with banks in the country.
Makes me wonder if WhatsApp has approached any of our local banks yet #justsaying coz #cashless
Why India?
In case you have no idea, WhatsApp is very popular in India. Like what I’ve mentioned just now, India is one of WhatsApp’s most important markets.
This is largely due to the fact that high-speed internet is not readily available in India and simple, no-frills services from Whatsapp are more efficient when compared to “data destroyers” like Facebook.
Just so you have a rough idea of how active India is as a market for mobile phone companies, here are some statistics from appannie:
India actually ranks first on the number of Apps used on their phones and the second when it comes to time spent on Apps! Naturally, WhatsApp would target India if you think about it (China already has WeChat and well, WhatsApp has been banned in China, right?)
With over 200 million active daily users, this will be an enormous market for WhatsApp—and the perfect location for the Beta testing.
When will we be getting it?
As of now, we have no idea as WhatsApp has yet to release any form of news regarding a global/regional launch of the P2P payment service.
With our aim for a cashless society and with so many players trying to get a slice of this pie (you know, the cashless system), it’s no surprise that WhatsApp could be one of the players.
Nevertheless, let’s hope that this will encourage more Singaporeans to adopt cashless payment methods in the near future!
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This article was first published on goodyfeed.com
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