Reshab AgarwalFacebook (now “Meta”) has always tried to push Whatsapp in the payments industry. Since it has such a huge user base, the kind of network it can form will be unmatchable. So, it is obvious that as Facebook becomes Meta and enters the crypto industry, there is a chance that Whatsapp will bring crypto payments as well. And Reuters recently published that Whatsapp will use Novi wallet to send and receive crypto payments in the US.
Whatsapp will bring crypto payments
Courtesy: Rafael Henrique
Whatsapp’s crypto payment program using the Novi wallet hasn’t started on a full scale. At present, it is available to a handful of users on a pilot program. After the pilot program is successfully completed, we might see it being rolled out to more users in the US.
The concern
We all know that Meta doesn’t have a very privacy-focused brand which makes it difficult to trust them as a messaging app, let alone a payment platform. This doesn’t mean they are going to leak your info. What is scary is giving so much control to a company over your daily life that has been found sharing data with 3rd party platforms multiple times.
Even regulators have cited their concern about the same regarding the Novi wallet, which was recently announced. Meta even had to go a step back on their plan to launch a cryptocurrency called the Diem due to regulatory pressure. I am not sure how many people will even use Whatsapp’s payment feature and trust its Novi wallet with their crypto. If they do well, that’s good news for Meta, but I don’t expect it.
Are there any chances of it arriving in India?
First of all, the crypto landscape of India is not as developed as the US. The laws and regulations need to be properly implemented first before such a thing is allowed. Secondly, even the Whatsapp payment feature was not well received by the government as it doesn’t have any physical presence in the country. There are also a lot of other regulatory issues Whatsapp is going to face with this feature.
What are your thoughts on the report that Whatsapp will bring crypto payment? And do you think that it will be able to get regulatory approval? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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