Technology as we all know in recent times is going way over board. Facebook is gradually introducing a lot of things to help users life go easier.
Facebook has been linked with reports of working on a digital currency to enable money transfers on its messaging service WhatsApp.
There were news of Facebook planning to launch cryptocurrency in india and now it is no more a plan but a work in progress in India. They plan to benefit from the countries growing mobile payments market, as speculated online.
According to economic times, “WhatsApp works with service providers including Facebook. To send payment instructions to PSPs (service providers); maintain your transaction history; provide customer support; improve, support and market payments; and keep our services safe and secure… we share information we collect with service providers including Facebook,”
It was also known that Facebook recently launched a blockchain group to study how it could use the technology for a secure online database of transactions.
It is no news that Facebook is among tech and financial services operatives exploring blockchain, the technology underlying bitcoin and other cryptocurrencies. Amazon, J.P. Morgan, Walmart and IBM are among other well-known companies testing the technology. Its potential has been compared to the internet but so is the propaganda
Blockchain, is a distributed ledger technology, that provides a public record of changes in the ownership of an asset, such as a cryptocurrency through shared database. Whatsapp released to the Indian press a public statement for the Indian consumers to review the privacy settings of the app before they start using the app for payments.
Its messaging app, WhatsApp, is said to have around 200 million users in India alone. Recently we have to note that on this blog, i wrote about how Whatsapp will soon start using its status for advertisement. These are all ways to make business life go smoother and easier.
This is really going to be a major challenge to banks as if this proves to be successfully executed in India, then it will be made available globally.
Conclusively, Facebook-owned WhatsApp really gained influence in India, where remittance payments has become a big business. According to the World Bank, people sent $69 billion from other countries into India last year. Stay tuned for more on whatsapp for payment of bills.