Facebook-owned instant messaging app WhatsApp has announced the launch of digital payments by the end of 2019, though there has already been a lot of confusion about data security. Note that Paytm has termed WhatsApp's payment service as unsafe. Paytm alleges that foreign companies are breaking rules in India and Facebook wants to take over its rights through WhatsApp payments in India. In fact, Paytm is likely to suffer the most losses since WhatsApp's payment service was launched in India, as WhatsApp has a large number of customers.
According to a recent ASSOCHAM PwC report, digital payments in India have crossed Rs 4,462 billion and are expected to reach Rs 9,310 billion by 2023. The report claims that India's share in digital payments worldwide is 1.56 percent, which could reach 2.02 percent over the next four years. Given the success of digital payments in India, many digital companies are also anxious to come to India. For example, you can see Google Pay, which has built its stronghold in India in a very short time and has some 4.5 million people in India. According to a report, in March this year alone, $81 billion was transacted through Google Pay.
For your information, security and data have been buzzing since WhatsApp's UPI (Unified Payment Interface) payment service is being tested. In fact, the controversy began when WhatsApp said it would share payment data with Facebook, though WhatsApp is still waiting to get a green signal from the regulator. But Global Head of WhatsApp, Will Cathcart, has said that the payment service will start in India by the end of this year. A few days ago, Facebook CEO Mark Zuckerberg also said that he was happy with the beta testing of the payment service in India.
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