Digital payments and small-tier commerce are hot growth areas in India. Will this be another Big Tech ‘three men in a boat’ scenario? Is Meta in it?
No wonder why then, lately, Meta has been trying new tactics. Like imminent roll-out announcements of broadcast tools like WhatsApp Channels. Like new pricing policy for business marketing messaging for monetizing WhatsApp for business. Like handshakes with Jio. Like a tie-up with Confederation of All India Traders – to digitally train and upskill 10 mn local traders using the WhatsApp Business App and localize digitalization activities in 11 Indian languages.
As Dr. Gaurav Raina, Professor, Department of Electrical Engineering, IIT Madras weighs in, “In terms of adoption, Phonepe seems to have the largest market share. The key is to customise the payment app to cater for a range of typical Indian use-cases, and not just person-to-person payments.” Listen to what a Gen Z psychology researcher Yashraj Garg says- “In a hyper-digital world, an excessive fixation on the merits of digital currency is also a psychological phenomenon.
As reckoned by the Economic Survey 2022-23, India’s e-commerce market can rise 18 % annually through 2025. UPI-based transactions grew in value and volume terms, between 2019-2022. The recent Digital Personal Data Protection bill being passed in Lok Sabha in the Indian Parliament also brings new challenges and hopes for Meta. There are now new provisions for consent of data and data breach-related responsibilities.
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