Meta's WhatsApp Payment Service Expands to India, Aims for Monetization

Due to a recent decision by the technology giant Meta, residents of South Asia now have the opportunity to buy goods and services directly from local companies through chat on WhatsApp, reports PaySpace Magazine. Meta CEO Mark Zuckerberg announced this development in Mumbai on September 20th.

This payment service is already active in Singapore and Brazil, marking Meta's expanded presence in the Indian market with over 400 million potential users. Success here could provide a significant income boost.

Zuckerberg explained that users can access simplified payment methods for local services within WhatsApp chats, offering businesses improved customer interaction mechanisms.

WhatsApp, widely popular in countries like Brazil, Mexico, Indonesia, and India, is used by over 200 million businesses for customer interactions. However, monetizing it has been a challenge for Meta, leading to the launch of the payment service in India.

The service supports credit and debit cards, offers integration with Indian payment apps, and is free for buyers but charges a processing fee for businesses. Meta also generates revenue from WhatsApp through click-to-message ads, advertising materials with WhatsApp links on Facebook and Instagram, and charging large companies for direct customer interactions.

Meta had previously launched WhatsApp payments in Brazil in 2020, but regulatory issues halted it temporarily. In India, where sending money to family and friends is common, regulatory opposition is not expected.