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The WhatsApp payment service could be closer. The company has just received approval for the tool to start working in India, a country in which it has a whopping 400 million users. It does so at a time when countless actors are competing to offer this service, here and around the world. For now, WhatsApp has started a test with 20 million users, to compete against other tools such as Google Pay (Alphabet), Paytm (Alibaba) or PhonePe (Walmart).
But this has not been a flash in the pan. Actually, WhatsApp payments service for India has been tested for around two years. The goal? Apart from the fact that the service was outstanding, managing to comply with all the regulations required by the Indian government. One of the most important points to save was, without a doubt, data storage. The government required that all data related to transactions and payments be stored locally.
It is expected that this payment interface can be expanded at any moment, as soon as it is confirmed that the tests have gone well. Brazil was the first country in which WhatsApp enabled the payment service, but it had to be suspended after just one week for not complying with current legislation. In any case, and thanks to this service, users could safely send money to their contacts and even make purchases at local businesses, within the same chat window.But, will we see this service enabled in Spain?
How is the WhatsApp payment service?
Let's see what can be done with the WhatsApp payment service that could reach Spain in the not too distant future. Well, the first thing we have to say is that the WhatsApp payment service will arrive, although we still don't have a date on the horizon. What do we know for now? Well, our country is included in the list of early adapters, which means that we will be one of the first countries to try it. It is expected that in addition to Brazil (for the moment stopped) and India, the United Kingdom, Mexico and Spain sign up for this alignment. We will continue to pay attention to when.
But, what exactly can we do with the WhatsApp payment service? Well, for starters, quickly transfer money to our relatives and friends.This is an option for which up to now we have managed well with Bizum. This system, as you know, already offers us the possibility of making quick transfers, directly to our contact's account (and vice versa). All we need is to have the compatible application of our bank installed and the recipient's mobile phone. The WhatsApp payment service will be a devastating competitor for Bizum.
Another added advantage: we can make money transfers to local businesses. That is, we will avoid handling cash (which is great for these times) and take out the credit card. Because only having the mobile phone of the individual or business in question, we will have the option of formalizing an economic transfer. All without leaving the chat window.
Security and service costs
Using the WhatsApp payment service should not have any added cost for users. It is possible, however, that merchants Those who are going to use this system as a means of payment have to pay a fee, as they do with their credit card payment systems. In any case, it seems that the service will be compatible with the main debit and credit cards of the most important banks and savings banks in the country.
Regarding security, there is talk of the need to use a special six-digit PIN (the one we usually use to authenticate ourselves and verify transactions) or the fingerprint itself registered in the phone. It is the most effective way to avoid fraudulent operations.
