Why Whatsapp wants you to Pay ?
NPCI (National Payment Corporation of India) recently gave approval to WhatsApp for allowing payments through its platform. WhatsApp had a long pursuit for allowing payments in India. Getting approval in India in BFSI does make headlines, though this time it is special. Let’s look at why WhatsApp payment is important and what could be Mark Zuckerberg’s plan with in-app payments.
WhatsApp – A global communication enabler
WhatsApp was launched in January 2009. This was the time when Blackberry messenger (BBM) and Yahoo Messenger were the popular chatting mode. BBM was an exclusive club, available only for Blackberry phone users. Yahoo Messenger was open to the world and was overexploited for various reasons. There was a need for a secure and easy to access messenger. Steve Jobs had launched the first iPhone; Apple was planning to open up its ecosystem. Whatsapp launch just fits in as the missing piece of the puzzle. Since its launch, WhatsApp has always been top of the charts in multiple aspects. Around 2014, Facebook founder Mark Zuckerberg believed in the story of WhatsApp and paid a whopping $19 Billion for WhatsApp. This was against a backdrop of VC funding at $1.5 Billion.