Facebook’s WhatsApp, the Mountain View, Calif.-based messaging app with a broad global following, may be preparing to roll out person-to-person payments, beginning with its app in India.
The clue is a new job posting on Facebook’s career site seeking an exec to lead digital transactions for WhatsApp in India. The position calls for someone who grasps India’s emerging digital payments platforms, including the bank-to-bank payments platform UPI, BHIM and Aadhaar, who’s willing to help “scale global support” for digital transactions on WhatsApp.
WhatsApp, with 1 billion users, is highly popular within India and as a vehicle for cross-border communications through voice and messaging, though unlike Facebook Messenger, WhatsApp currently doesn’t support payments. More than 200 million Indian consumers subscribe to WhatsApp.
Since India cracked down on cash last fall with its demonetization of small-denomination bills, digital payments volume has been steadily rising, with local players like Paytm notching major gains in usage, while newcomers such as Sweden’s Truecaller, also are moving into the market.
People are seen as silhouettes as they check mobile devices whilst standing against an illuminated wall bearing WhatsApp Inc's logo in this arranged photograph in London, U.K., on Tuesday, Jan. 5, 2016. WhatsApp Inc. offers a cross-platform mobile messaging application that allows users to exchange messages. Photographer: Chris Ratcliffe/Bloomberg
First Northwest Bancorp is parting ways with CEO Matt Deines "by mutual agreement," the Port Angeles, Washington-based company said. Deines' departure comes a month after a hedge fund sued, alleging the lender was complicit in a Ponzi scheme.
Federal Reserve Gov. Christopher Waller said that criticisms of the Fed's balance sheet and calls to return to a scarce reserves system are misinformed, saying that much of the central bank's balance sheet is the result of activities outside the Fed's control.
The Federal Reserve Thursday issued a proposal that would allow banks to be considered "well managed" even if they are found to be deficient in their governance and controls.
The digital bank had previously notified about 1,000 business customers that they would lose access to their debit cards for a week, amid a systems update.
Jonathan Gould, who's worked in the crypto industry and has advocated for more fintech and crypto-friendly regulation of banks, was confirmed by the Senate Thursday. He is expected to both continue deregulating the banking sector and encouraging bank-fintech partnerships.
