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Facebook Selects London as a Hub for WhatsApp Payments

Almost one million people tested WhatsApp Pay in India to send money to each other in a simple and secure way

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FILE - The Facebook app icon is shown on an iPhone in New York. VOA

Before it launches WhatsApp Pay in India, Facebook has selected London as base for the global roll-out of its digital payments service on the mobile messaging platform.

According to a report in the Financial Times on Wednesday, WhatsApp would hire nearly 100 people in London to focus on the digital payments service and additional operations staff would be hired in Dublin.

WhatsApp has 1.5 billion users globally, including over 300 million in India.

The new highly-skilled technical engineering staff would build a payments function as well as products that focus on safety and spam on the app, the report said.

“WhatsApp is a truly global service and these teams will help us provide WhatsApp payments and other great features for our users everywhere,” Matthew Idema, WhatsApp’s Chief Operating Officer, was quoted as saying.

whatsapp business app
FILE – The WhatsApp app logo is seen on a smartphone in this picture illustration. VOA

WhatsApp has nearly 400 employees globally.

Facebook CEO Mark Zuckerberg announced on April 24 that the company is actively working on to launch WhatsApp Pay in India.

“We have a test that is running in India for WhatsApp now, we’re hoping to launch in several other countries at some point, but I don’t want to put a timeframe on that here, but it’s something that we’re actively working on,” he said during an earnings call with analysts.

Also Read- 5G Spectrum Trial Begins Next Month in India

Almost one million people tested WhatsApp Pay in India to send money to each other in a simple and secure way.

The company on May 3 told the Supreme Court that it would comply with the Reserve Bank of India’s (RBI) data localisation norms before launching the full payments service in the country. (IANS)

Next Story

Facebook to Launch its Cryptocurrency Next Year: Report

According to Zuckerberg, Blockchain could give users more powers when granting data access to third-party apps

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Facebook, data,photos
A television photographer shoots the sign outside of Facebook headquarters in Menlo Park, Calif. VOA

Facebook, which owns WhatsApp and Instagram, is gearing up to launch its own cryptocurrency next year, the BBC reported on Friday.

Called “GlobalCoin,” the cryptocurrency would work with a new digital payments system in about a dozen countries starting in the first quarter of 2020.

Facebook has been in contact with US and British financial regulators to launch it.

According to the BBC, Facebook is in touch with “Bank of England governor Mark Carney and officials at the US Treasury”.

With over two billion users across its platforms, Facebook could emulate WeChat in China which allows its users to chat, shop and play games without leaving its platform.

The Facebook cryptocurrency would need to overcome numerous technical and regulatory hurdles before it can be launched.

According to media reports, the Facebook currency could be designed to be a “stablecoin” with a value pegged to US currency in an attempt to minimize volatility.

A report last week said Facebook has reportedly set up a company called Libra Networks in Switzerland that is developing payments and Blockchain systems for the social networking giant.

virtual currencies, bitcoin, investors
Bitcoin is a cryptocurrency and worldwide payment system. Wikimedia Commons

According to a report in CNET quoting Swiss publication Handelszeitung, the Facebook cyrptocurrency would be tied to the US dollar and could, therefore, remain stable unlike Bitcoin which has crashed.

“Facebook set up Libra Networks in Geneva several weeks ago. Libra is the social network’s internal project name for the digital currency,” the report said.

The Swiss company would focus on developing the software and hardware for currency-related functions like payments, Blockchain, analytics, big data and identity management.

Facebook declined to comment on the new report.

Also Read- Microsoft Interns Make English Learning App

According to a report in The Wall Street Journal earlier this month, the social media giant is “recruiting dozens of financial firms and online merchants” towards its cryptocurrency-based system that would use a digital coin similar to Bitcoin.

The New York Times reported in February that Facebook had a team of 50 people working on its virtual currency project.

In a public interview with Harvard Law professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg said he is “potentially interested” in putting the Facebook login on the Blockchain technology.

According to Zuckerberg, Blockchain could give users more powers when granting data access to third-party apps. (IANS)