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
The Charlotte-based megabank announced that it had appointed two business leaders to be co-presidents of the bank, and elevated its chief financial officer to serve as executive vice president.
The Massachusetts bank is being accused of aiding and abetting the operation of a Ponzi scheme centered in Hamilton, New York. The bank declined to comment on the allegations.
City National Bank promotes Brandon Williams to head private banking and wealth management; a former U.S. Postal Service letter carrier is sentenced to five and a half years for stealing over $10 million in checks from the mail; Lazard expands its North American investment banking franchise with two managing director hires; and more in this week's banking news roundup.
The government-powered network is allowing larger payments to settle instantly, a move The Clearing House has also made for its RTP network. Payment experts say more than higher limits are needed to make speedy processing ubiquitous.
The world's largest stablecoin issuer is preparing to launch USAT, its U.S.-regulated, dollar-backed stablecoin, by the end of the year, Tether CEO Paolo Ardoino told reporters at an event in New York. Bo Hines was also named CEO of USAT.
