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Payments conundrum

Facebook was willing to enter digital payment market

Business Standard 

There has been word in the market that Facebook was planning a digital payments service for WhatsApp in India, the app’s largest market. A P Hota, managing director and chief executive of the National Payments Corporation of India, was irked when asked if the government was awaiting the entry of Google, Facebook and WhatsApp in the digital payments space to help meet its target of 25 billion e-transactions this fiscal. He retorted that it was the job of banks, not multinational companies, to increase digital payments in the country. A job listing for a WhatsApp “digital transaction lead” for India had started a buzz sometime back about a digital payments service for the messaging app. The listing said the app planned to work with local banks and eventually “help scale global support for digital transactions on WhatsApp”.

First Published: Tue, July 11 2017. 22:34 IST