#app development team

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Have you ever heard of El Passion? We are a professional and fast-growing app development team from Warsaw, Poland. For many years now, we have been working with great successes in the field of IT. During this time, we have had the opportunity to prepare amazing and unique projects for many companies. Our services include both iOS and Android that's why we are sure that we can create a project for you that will meet your expectations and fit your business model.  We approach each project individually, working with real commitment. commitment. That is why our clients are always satisfied with theIT product we deliver.

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Depending on the team of developers we hire we can enhance or destroy the effectiveness of the SDLC model that our organization has chosen for its development.

After the long grapple with the Indian government over data localization and payments data sharing with Facebook, WhatsApp pay has come up with the beta version. In 2014, Mark Zuckerberg bought WhatsApp in $19 billion and since then he has been trying to think about how to monetize this platform. 

For adding a wallet feature in WhatsApp, Facebook has created the necessary data storage facilities in India to introduce WhatsApp Pay to the entire Indian user base, which is estimated to be between 350 million and 400 million users.

Recently, WhatsApp India head Abhijit Bose revealed that “the social messaging company’s focus is to expand digital and financial inclusion, to help businesses across India”.

According to Digital Payments (2018 edition), in India, the digital payments industry is estimated to grow to $1 Tn by 2023. In this growing phase of the digital payments industry, strong players such as Paytm, PhonePe, and Google Pay, may cause a freakish rift in the entry of WhatsApp Payments.

Before discussing anything in deep, let’s talk about WhatsApp Pay.

  What is WhatsApp Pay?

WhatsApp Pay is a seamless money transfer app that works conveniently on Android and iOS smartphones. Users can leverage the app to send or request money with their friends.

Facebook has made London a key hub for the development of this Fintech solution and roughly around one hundred people hired to lead new WhatsApp payments to push according to the FT.

  Blue Prints of Digital Payment App WhatsApp Pay

The upcoming feature of WhatsApp i.e. WhatsApp Pay could follow the footprints of social networking app WeChat Pay. It is most popular China’s money transfer app with 800 million monthly active users. Initially, WeChat only offers chatting facility than it used the same platform and converted its existing users to payments users. WhatsApp will do the same in India with its ingrained user base. To best leverage its user base, WhatsApp Pay will need its P2P offerings to attract connecting users just like WeChat as P2P was the main reason behind the success of WeChat Pay.

  Existing Competitors  

With the growing internet stabbing and number of increasing mobile application, many companies have launched their wallet apps. So for WhatsApp Pay, the competition level is quite high and all the wallet apps are doing good in the market. 

Existing competitors for WhatsApp Pay are:

Google Pay

Samsung Pay

MobiKwik

Paytm

FreeCharge

PhonePe

Ola Money

  What are the Indian Government Norms for WhatsApp Pay?

Based on the Economic Times report “Indian authorities are concerned that WhatsApp‘s payment service might share user data with group companies Facebook and Instagram, compromising the security, privacy and non-commercial information of its subscribers.” 

In last year August, Facebook had to put a project on hold because of data storage concerns since than WhatsApp has been having a tough time in India for payments. The Indian government had spelled out some Indian norms that WhatsApp must adhere to including:

Complying with the Reserve Bank of India’s data localization rules

Setting up an office in India

Appoint a grievance officer and formulate a team in India

After so many discussions with the India government, Facebook had recently set up its data storage facilities in India and is reportedly preparing for the full launch of its UPI payments app in association with ICICI Bank.

WhatsApp Payments app development team has also partnered with HDFC, and Axis to launch the payment services.  

In one of the events, the Company stated that “We’re building a new payment feature for India that enables people to easily send money to each other via WhatsApp”.

 Benefits of WhatsApp Payment App:

Here are some most effective features of WhatsApp Fintech mobile app:

It allows users to send and receive payment to anyone on the WhatsApp contact list from anywhere and at any time.

Its ‘Pay’ feature allows users to send funds as simple as sending a message.

The beneficiary will receive a payment notification on their chat window once the fund transfer has been made.

There is no need to enter the IFSC code while transferring money. 

User can send money via virtual address.

  Limitations

There are some issues around two-factor authentication during the time of the transaction. WhatsApp can share data with Facebook in the wake of recent data breach issues of the social media major with the UK-based political consulting firm Cambridge Analytica. 

  Summing up

As the digital payment market is increasing day by day with a rapid pace, we can assume the WhatsApp’s payments feature would compete with a brimmed market in India. WhatsApp Pay will successfully attract the WhatsApp users and will most probably can threaten Paytm’s which is the top player of this industry.