Paytm founder smashes Whatsapp Pay, says it is unsafe.
Whatsapp just announced it will ad it's own wallet, whatsapp pay. Here is what Paytm has to say about the new whatsapp pay feature.
Posted 1 year ago in Technology, updated 1 year ago.
Whatsapp is as all of you know is one of the most worlds spread messaging chat android application. It has tried a new feature last week. As we have been witnessing in the current competitors of Whatsapp like Hike have started a new feature Hike Wallet, which allows the payment option too. and also sharing of bills amongst a set of friends. Apart from Paytm, Hike and Truecaller have also introduced peer-to-peer money sharing feature on their platforms. Google late last year joined the mobile commerce segment with Google Tez, which also lets you make and request payments vis-a-vis friends. Google in December last year revealed the platform had gone past 140 million transactions and has over 12 million monthly active users.
WhatsApp uses the Unified Payment Interface (UPI) for its payment service on the messaging app. This payments method enables one to send and money receive through their UPI-linked bank accounts. It ensures a fast and swift transfer of money without having to store balance in a wallet.
UPI is a part of the 'cashless India' as well as the part of Digital IndiaUnified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience. Each Bank provides its own UPI App for Android, Windows and iOS mobile platform(s).
UPI usually needs a login session to make payments.But Mr. Vijay Shekhar Sharma, the founder of PayTm said that Whatsapp pay does not even make any login session nor adhaar card verification in the app. So he would report to National Payment Corporation of India about the same and would recommend making changes in the app. He also stated the fact that due to the lack of security the accounts of the users may be at a huge risk. He also mentioned that the number of users of the Whatsapp in India is huge. This kind of lack of security may lead to huge crisis. He stated this as a gullible thing and described it as "open arms" which could be an easily vulnerable cybercrime.
Mr. Sharma also stated that there was unfair and biased practice going on during the test of the reliability of Whatsapp Pay because according to NPCI only 5000-10000 people are provided on an experimental basis, but in this app, almost lakhs of people were introduced to the new version.
In oppose of Mr. Sharma, Mr. Amrish Rau ( India head of global payments firm PayU.) supported Whatapp Pay by stating that it has followed all rules of UPI correctly and there is a feature provided to end and control the sessions.
Now according to the present scenario, it is difficult to say in whose favor would NPCI pass the judgment.But according to the mindset of few percentage of people in India, they feel that it is not even safe to perform mobile banking and internet banking.They don't even try to take an active step in this direction.So for Whatsapp even if Whatsapp pay is approved and launched worldwide there is a probability that it may not be efficiently used by people due to lack of trust or the doubt which crept in their mind due to lack of confidence in government or due to the accusations of Mr. Sharma.That would be the biggest challenge for Whatsapp Pay.
All of this protest may be a part of one's marketing strategy because of the fear or understanding that Whatsapp Pay may snatch away the market of online payment from their company or they may really be concerned about the people of India.It's hard to tell due to the selfish behavior or kind behavior this kind of action could be taken.That's why As the title suggested " Whatapp pay or A Stay" that is will there be a stay on Whatapp Pay release or people will get Whatsapp pay as their PayPal.