The Facebook Inc, a social media giant, which allows its users to connect worldwide by sharing and discovering photos, ideas, videos, files a patent application for digital payment through a messaging application with Indian Patent Office.
This comes at an appropriate time when the Government of India is encouraging digital transaction to accommodate more and more people. There is a huge upsurge noticed in the usage of e wallet after demonetization as around eighty percent of Indian citizens use internet and mobile phones with a rapid increase in the numbers.
Facebook currently allows online payment services through its Messenger application in countries like US. It also owns Whatsapp, which has a huge market in India. According to the company, it will outline a messenger application system which would allow the users to make payment by their credit or debit cards, bank accounts etc. and send it as well as receive payments through this system.
It further clarifies that a client having the application will be able to receive information about the payment through messages like the amount or the method of transaction. If this patent is passed, then it will come to the rescue of the users as people will not have to visit other applications to sending or receiving any kind of electronic payment which will help to form a large base for electronic transactions as it will not confuse people about the complexity of switching apps and will provide a single platform for business.
Another positive side to this proposal is the user will be free to choose whether to accept any kind of payment or not. In other words, a user will be able to deny any kind of transaction if the other person is devoid of the application. It also has the option of paying several people together or in several groups where each amount received by each member can be defined, hence proving to be helpful in business transactions between business groups and business entities.
Facebook presently purveys this method of digital payment in some countries through Messenger, a separate application made out from its parent application Facebook. People just need to add their respective cards which in turn to provide more security creates a pin. If the respective recipient has no debit card, that person has the freedom to decline.
However, there are both advantages and disadvantages of this method of cashless payment in a country where still cash is the king. India serving to be the second largest growing market with millions of users can prove to be pivotal part in the cashless business where these social media apps operating worldwide would take full advantage of the current situation of the country regarding the digitalization.
This comes at an appropriate time when the Government of India is encouraging digital transaction to accommodate more and more people. There is a huge upsurge noticed in the usage of e wallet after demonetization as around eighty percent of Indian citizens use internet and mobile phones with a rapid increase in the numbers.
Facebook currently allows online payment services through its Messenger application in countries like US. It also owns Whatsapp, which has a huge market in India. According to the company, it will outline a messenger application system which would allow the users to make payment by their credit or debit cards, bank accounts etc. and send it as well as receive payments through this system.
It further clarifies that a client having the application will be able to receive information about the payment through messages like the amount or the method of transaction. If this patent is passed, then it will come to the rescue of the users as people will not have to visit other applications to sending or receiving any kind of electronic payment which will help to form a large base for electronic transactions as it will not confuse people about the complexity of switching apps and will provide a single platform for business.
Another positive side to this proposal is the user will be free to choose whether to accept any kind of payment or not. In other words, a user will be able to deny any kind of transaction if the other person is devoid of the application. It also has the option of paying several people together or in several groups where each amount received by each member can be defined, hence proving to be helpful in business transactions between business groups and business entities.
Facebook presently purveys this method of digital payment in some countries through Messenger, a separate application made out from its parent application Facebook. People just need to add their respective cards which in turn to provide more security creates a pin. If the respective recipient has no debit card, that person has the freedom to decline.
However, there are both advantages and disadvantages of this method of cashless payment in a country where still cash is the king. India serving to be the second largest growing market with millions of users can prove to be pivotal part in the cashless business where these social media apps operating worldwide would take full advantage of the current situation of the country regarding the digitalization.
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