Facebook seeks to up-end digital payment market

Facebook's entry into digital payments could spark an upheaval in the segment in India

Facebook has filed an application with the Indian Patent Office for a digital wallet that will be baked into its instant messaging platforms. The company is preparing to enter the country’s fast growing digital payment space.

It owns two of India’s most popular messaging platforms, WhatsApp and Facebook Messenger. The former has 200 million users; parent social network Facebook has 184 mn who use its  service at least once a month, with half of them logging in every day. The company does not give numbers for its FB Messenger in India.

In contrast, Paytm, the country’s largest digital payments wallet,