Facebook-owned WhatsApp has launched its Digital Payments project in India in 2018 with over 10 lakh customers. But WhatsApp has not been able to successfully implement this project in India. Transactions made through the Unified Payments Interface (UPI) broke many records.
According to reports, PhonePay dominates the transactions, with a market share of 47%, and GooglePay has a market share of 35%. WhatsApp's figures have plugged in late in the day. WhatsApp currently holds only 0.01% of its UPI tariff. WhatsApp launched the UPI payment service in India in November last year, following the National Payments Corporation of India (NBCI) approval.
With more than 40 crore customers, WhatsApp is unprecedented in paid services like Paytm, Google Pay and Phone Pay. According to cyber expert Pavan Duggal, WhatsApp payments need to be looked at very accurately. He said we should use this carefully as we are handling the most important data for money transfers.