Having said that, Facebook's payments platform will be separate from WhatsApp's, and, according to a person aware of the development, will allow peer-to-peer as well as peer-to-merchant payments in the country. To recall, Facebook-owned WhatsApp messenger also introduced payment feature in its app recently.
The payments platform in messenger will allow buyers and sellers to do transactions on Facebook itself. Starting with recharges the company will soon foray into other segments of digital commercial payments.
As a reference, Messenger payments are already supported in the USA, the United Kingdom, and France, so a big market like India is a logical continuation. But analysts speaking to FactorDaily believe that mobile payments will expand exponentially in India and China over the coming years.
As per FactorDaily, the social media giant is now testing an option in the messenger app where users can top up their prepaid SIM without leaving the app. No word of a stable release of the feature yet but if the testing phase goes as planned for Facebook, payments on Messenger could be a thing soon.
Working on the same lines, Facebook messenger is said to be the next app to integrate payments and make the most out of the India opportunity.
Digital payments in India have seen a massive growth in the last couple of years, where it has grown annually at a rate of 97 percent.
Facebook is planning to move into payments in its biggest market by the user base.
Reserve Bank of India (RBI) has mandated all digital payments companies to store user data within the country.
Due to supervisory reasons, RBI wants to ensure that all the transaction data is monitored within the payment ecosystem. The payment platform is said to also allow buyers and sellers to purchase goods through its Marketplace shopping service within Facebook communities and peer-to-peer money transfers, as well as payments to merchants through Messenger.
On the other hand, Indian companies like Paytm and Flipkart's PhonePe will have an added advantage over the new law. This helped the likes of Paytm garner more users.