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WhatsApp plans to enter Indonesia’s mobile payments market
The popular messenger WhatsApp is in talks with several Indonesian payment companies to offer their mobile transaction services. Thus, the company is trying to enter the country’s growing e-commerce sector..
Indonesia could become second country in the world where WhatsApp will introduce mobile payment service. Besides, regulatory approval pending in India, one of the company’s largest markets.
But unlike India, which plans to offer direct peer-to-peer payment services, in Indonesia, WhatsApp will serve as a platform supporting payments through local digital wallets due to tight licensing regulations.
Indonesia Model Could Become a Whatsapp Template for Acceptance in Other Emerging Markets to Bypass Rules for Foreign Players Setting Up Their Own Digital Wallets According to Sources.
Indonesia is one of the five largest markets worldwide for Whatsapp with over 100 million users.
According to some estimates, the country’s e-commerce industry could potentially grow to $ 100 billion by 2025. However, it should be borne in mind that local regulations governing digital payments are among the strictest in Asia..
WhatsApp is in talks with several digital payment firms including ride hailer Go-Jek, mobile payments firm DANA, and Fintech OVO, which is owned by the Indonesian conglomerate Lippo Group.
According to sources, deals with the aforementioned companies could be concluded in the near future.