Facebook’s Mark Zuckerberg has hinted that WhatsApp will be rolling out its payment service to more countries before the end of the current year. The Facebook chief announced this in a Facebook post on Thursday.
“Messaging is the area that’s growing the most quickly, and this year people are going to feel these apps becoming the center of their social experience in more ways. We’ll roll out payments on WhatsApp in some more countries. Private sharing in groups and stories will become more central to the experience. We’re going to onboard millions of more businesses that people can interact with,” Mr. Zuckerberg said in a Facebook post on Thursday.
WhatsApp’s p2p feature that allows users to transfer money among themselves was launched in India in 2018. It allows users to transfer money within the app using India’s Unified Payments Interface [UPI], which allows for instant money transfer between various bank accounts in that country. The UPI is a platform that enables exchange or transfer of funds between customers at no charges; and is the same as what other early entrants into the market are using.
WhatsApp is one of the most used messaging apps in the world, and contributes significantly to the growth of all of Mark Zuckerberg’s four major apps including Messenger, Facebook, and Instagram.
“Our community continues to grow and our business delivered good results this quarter. There are now 2.7 billion people using Facebook, Instagram, WhatsApp or Messenger each month, and more than 2 billion people who use at least one of our services every day,” he added.
Nothing much has been said about WhatsApp payment since it was launched in India almost a year ago. However, expanding the feature to other countries may be the right move needed to make the feature more popular, especially in emerging markets.
To configure the p2p functionality, you need to first verify your phone number via SMS and choose a bank from the list. Once this is done, the option to send payment is soon added and becomes available from the WhatsApp’s main interface. The functionality becomes available in the same area where you can also share file, video, contact and photo.
One month after rolling out the feature in India, WhatsApp added QR code support for payments. QR code support allows WhatsApp users to carry out monetary transactions within the app. Apparently, that was the missing puzzle in the jigsaw needed to establish the platform as a force to be reckoned with in the Indian market.
To set up the QR code feature, simply go to the app Settings > Payments > New Payment and select QR code. This process will open a scanner that will search for a compatible QR code. As soon as the QR code is recognized, you can enter the amount you want to send to initiate the payment and authenticate it by using your UPI PIN.