Money is many things, but it’s not fake news. So why block WhatsApp<\/a> from spreading it around?
India<\/a> is the laboratory of choice for Western tech firms to test out their mobile payment capabilities so they can be rolled out from Bangladesh<\/a> to Nigeria<\/a>. Facebook<\/a> Inc. CEO Mark Zuckerberg<\/a> entered the fray two years ago by enabling the popular messaging service WhatsApp<\/a> to send and receive money in India<\/a>. But the beta version, limited to 1 million users, keeps getting blocked from becoming a full-fledged service.
Meanwhile, rivals such as Alphabet Inc.’s Google Pay, Walmart Inc.-owned PhonePe and Softbank Group Corp.-backed Paytm are dominating India’s mobile transfers landscape. The troika led with 75 million, 60 million and 30 million customers transacting last month, respectively, according to TechCrunch.
While Facebook<\/a> Inc. deserves scrutiny globally for providing a platform for hate speech, voter manipulation and dissemination of untruth, cashless transfers is one area where WhatsApp can be a force for good. That’s especially true in emerging economies like India. As the Covid-19 lockdown has underscored, hundreds of millions of rural migrant workers in urban centers lack both liquid savings and a state-provided safety net. Increasingly ubiquitous smartphones can bring vulnerable citizens the financial security that bank branches can’t supply.
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To restrain WhatsApp is a waste of the infrastructure India has built. Four years ago, the country set up a shared interface linking more than 150 participating banks. An account holder in any of them can send or receive money to anybody else on the network. The two parties don’t need to know anything more than each other’s mobile number or a virtual ID. From Google to Walmart, any app can tap the common protocol, which already supports transactions worth more than 10% of gross domestic product. Google is so impressed it wants the U.S. Federal Reserve to consider adopting the standard.
WhatsApp needs a nod from the regulator, the National Payments<\/a> Corporation of India, to throw open the switch. The first roadblock was the central bank’s requirement that payment data be stored only locally. That hurdle has been crossed, but the service remains restricted. In February, a little-known think tank filed a lawsuit, asking India’s Supreme Court to block payments<\/a> on WhatsApp “since it’s known to have failed to secure sensitive data of its users.” In an affidavit this week, WhatsApp said that the petition by the “busybody” was not maintainable. Legal challenges in India can drag on endlessly.
The popularity of the messaging app, which has more than 400 million Indian users, is its biggest strength and its worst enemy. Take pinBox, which wants to introduce digital micro-pensions to the masses across Asia and Africa. It’s waiting eagerly for WhatsApp payments. The combination of financial and digital illiteracy can be a showstopper; it’s much easier to promote a saving culture on a messaging app where people spend most of their waking hours, anyway.
The familiarity with the medium cuts both ways. Recently, the service was used to accuse Muslims in India of deliberately transmitting Covid-19, triggering assaults on the minority community. But then, disinformation isn’t limited either to WhatsApp or India. TikTok, the most-downloaded app during the pandemic, had posts claiming that 5G technology helps spread the virus, fueling violence against telecommunications workers and equipment across the U.K. and Europe. In India, the user-video platform has raised hackles for enabling sharing of content that promotes acid attacks on women.
While regulators should push Zuckerberg to keep making social media safer, for instance by restricting message forwarding, they need to be pragmatic when it comes to online payments. China is far ahead. But that market, in the pincer grasp of Alipay and WeChat Pay wallets, isn’t open to U.S. firms. Besides, the scope for replacing cash is bigger in India, where 14% of money supply is still currency in circulation, a figure that China has crunched to 4%. The size of the opportunity is why India is attracting attention.
Facebook recently took a 10% stake in Mukesh Ambani<\/a>’s Jio<\/a> Platforms Ltd. for $5.7 billion. Jio<\/a>’s 4G network is India’s biggest, with nearly 400 million customers. Ambani<\/a>, Asia’s richest man, wants to connect a billion-plus buyers with neighborhood stores, combining physical and digital retail. Payments via WhatsApp will be a way to achieve that link, with brands giving discounts and financiers offering in-store credit based on Jio’s scoring model.
Others will catch up. Amazon.com Inc. is planning to take a $2 billion stake in Bharti Airtel Ltd., Jio’s closest rival, Reuters has reported. According to the Financial Times, Google is exploring an investment in Vodafone Group Plc’s struggling India wireless business. (Vodafone Idea Ltd. said there’s no such proposal before its board.)
The rising global interest in digitizing the billion-plus-people economy could be sustained, as it coincides with what may be a long-drawn tech cold war between China and the West. Although India has recognized privacy to be a fundamental right, giving grounds for legal challenges against tech firms, it has yet to enact a data protection law. That’s where the focus has to be, not on limiting competition. The central bank needs to strike a balance between safeguarding financial stability and encouraging innovation such as “account aggregators,” who compile and share financial data with the consent of users looking for loans or insurance. With most manufacturing and services in disarray, helping money go viral is India’s best chance to break out of the Covid gloom.
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钱是很多东西,但它不是假新闻。乐动扑克那么为什么块WhatsApp从传播?
印度是西方科技公司选择的实验室来测试他们的移动支付功能可以推出孟加拉国来尼日利亚。脸谱网公司首席执行官马克•扎克伯格加入两年前通过支持流行的通讯服务WhatsApp在发送和接收钱印度。但测试版,限于100万用户,越来越无法成为一个成熟的服务。
与此同时,竞争对手如字母表Inc .)谷歌支付,沃尔玛Inc.-owned PhonePe和软银集团Corp.-backed Paytm统治印度的移动转移景观。领导的三驾马车,7500万年、6000万年和3000万年上个月客户交易,根据TechCrunch分别。
而脸谱网公司值得关注全球提供仇恨言论的平台,选民操纵和传播谎言,无现金转移是一个领域WhatsApp善的力量。特别是在像印度这样的新兴经济体。Covid-19锁定凸显了,数以亿计的农民工在城市中心缺乏液体储蓄和国家安全网。越来越无处不在的智能手机可以使脆弱的公民银行分支机构不能提供的金融安全。
抑制WhatsApp是浪费印度建造的基础设施。四年前,这个国家建立一个共享的接口连接超过150参与银行。帐户持有人在任何他们可以发送或接收钱给网络上的任何人。双方不需要知道任何超过对方的手机号码或虚拟ID。从谷歌到沃尔玛,任何应用程序都可以利用公共协议,已经支持交易价值超过国内生产总值(gdp)的10%。谷歌印象如此深刻,以至于它希望美国联邦储备理事会(美联储,fed)考虑采用的标准。
WhatsApp需要监管机构的点头,国家支付印度的公司,打开开关。第一个障碍是中央银行要求付款仅在本地数据存储。越过障碍,但服务仍然是受限制的。今年2月,一个鲜为人知的智囊团提起诉讼,要求印度最高法院阻止支付WhatsApp”因为它是已知未能获得用户的敏感数据。“本周在一份书面陈述中,WhatsApp说,请愿书的“爱管闲事的人“不易于维护。在印度的法律挑战可以无休止的拖累。
消息传递应用程序的流行,印度拥有超过4亿用户,它最大的强度和最大的敌人。pinBox,希望引入数字micro-pensions群众在亚洲和非洲。这是急切地等待WhatsApp支付。金融和数字的组合文盲可以致命的;更容易促进储蓄文化消息传递应用程序,人们花费大部分醒着的时间,无论如何。
熟悉的媒介,就像是一把双刃剑。最近,服务被用来指责穆斯林在印度故意传播Covid-19,触发攻击少数民族社区。但是,虚假信息也不是有限WhatsApp或印度。TikTok,下载量最多的应用在大流行期间,帖子称5 g技术有助于传播病毒,引发暴力侵害电信在英国和欧洲的工人和设备。在印度,启用共享平台用户的视频引发了愤怒的内容促进酸攻击女性。
而监管机构应将扎克伯格让社交媒体更安全,例如通过限制消息转发,他们需要务实的在线支付时。中国是遥遥领先。军掌握的,但市场,支付宝和微信支付钱包,不向美国公司开放。除此之外,在印度取代现金的范围更大,有14%的货币供应仍在流通中的货币,中国已经处理到4%。机会的大小就是印度吸引的原因。
Facebook最近穆克什10%的股份安巴尼的Jio平台有限公司以57亿美元的价格。Jio4 g网络是印度最大的,有近4亿名客户。安巴尼亚洲首富,想和附近的商店,连接一个多亿的买家结合物理和数字零售。支付通过WhatsApp将以实现这个链接,与品牌给予折扣和金融家提供店内信用基于Jio评分模型。
别人会迎头赶上。Amazon.com inc .)正计划将20亿美元的股份Bharti Airtel Ltd .) Jio最亲密的对手,路透社报道。据英国《金融时报》,谷歌正在探索投资沃达丰集团陷入困境的印度无线业务。(沃达丰想法有限公司董事会之前说没有这样的提议。)
不断上升的全球数字化billion-plus-people经济能否持续的兴趣,因为它伴随着什么可能是一个长期的技术中国和西方之间的冷战。尽管印度已承认隐私权是一项基本权利,对科技企业给予理由的法律挑战,它尚未制定数据保护法律。是必须关注的地方,而不是限制竞争。中央银行需要在维护金融稳定之间取得平衡,鼓励创新,如“账户聚合器,”编译并与用户的同意分享金融数据寻找贷款或保险。与大多数制造业和服务业在混乱中,帮助钱病毒是印度最好的机会去打破Covid忧郁。
钱是很多东西,但它不是假新闻。乐动扑克那么为什么块WhatsApp从传播?
印度是西方科技公司选择的实验室来测试他们的移动支付功能可以推出孟加拉国来尼日利亚。脸谱网公司首席执行官马克•扎克伯格加入两年前通过支持流行的通讯服务WhatsApp在发送和接收钱印度。但测试版,限于100万用户,越来越无法成为一个成熟的服务。
与此同时,竞争对手如字母表Inc .)谷歌支付,沃尔玛Inc.-owned PhonePe和软银集团Corp.-backed Paytm统治印度的移动转移景观。领导的三驾马车,7500万年、6000万年和3000万年上个月客户交易,根据TechCrunch分别。
而脸谱网公司值得关注全球提供仇恨言论的平台,选民操纵和传播谎言,无现金转移是一个领域WhatsApp善的力量。特别是在像印度这样的新兴经济体。Covid-19锁定凸显了,数以亿计的农民工在城市中心缺乏液体储蓄和国家安全网。越来越无处不在的智能手机可以使脆弱的公民银行分支机构不能提供的金融安全。
抑制WhatsApp是浪费印度建造的基础设施。四年前,这个国家建立一个共享的接口连接超过150参与银行。帐户持有人在任何他们可以发送或接收钱给网络上的任何人。双方不需要知道任何超过对方的手机号码或虚拟ID。从谷歌到沃尔玛,任何应用程序都可以利用公共协议,已经支持交易价值超过国内生产总值(gdp)的10%。谷歌印象如此深刻,以至于它希望美国联邦储备理事会(美联储,fed)考虑采用的标准。
WhatsApp需要监管机构的点头,国家支付印度的公司,打开开关。第一个障碍是中央银行要求付款仅在本地数据存储。越过障碍,但服务仍然是受限制的。今年2月,一个鲜为人知的智囊团提起诉讼,要求印度最高法院阻止支付WhatsApp”因为它是已知未能获得用户的敏感数据。“本周在一份书面陈述中,WhatsApp说,请愿书的“爱管闲事的人“不易于维护。在印度的法律挑战可以无休止的拖累。
消息传递应用程序的流行,印度拥有超过4亿用户,它最大的强度和最大的敌人。pinBox,希望引入数字micro-pensions群众在亚洲和非洲。这是急切地等待WhatsApp支付。金融和数字的组合文盲可以致命的;更容易促进储蓄文化消息传递应用程序,人们花费大部分醒着的时间,无论如何。
熟悉的媒介,就像是一把双刃剑。最近,服务被用来指责穆斯林在印度故意传播Covid-19,触发攻击少数民族社区。但是,虚假信息也不是有限WhatsApp或印度。TikTok,下载量最多的应用在大流行期间,帖子称5 g技术有助于传播病毒,引发暴力侵害电信在英国和欧洲的工人和设备。在印度,启用共享平台用户的视频引发了愤怒的内容促进酸攻击女性。
而监管机构应将扎克伯格让社交媒体更安全,例如通过限制消息转发,他们需要务实的在线支付时。中国是遥遥领先。军掌握的,但市场,支付宝和微信支付钱包,不向美国公司开放。除此之外,在印度取代现金的范围更大,有14%的货币供应仍在流通中的货币,中国已经处理到4%。机会的大小就是印度吸引的原因。
Facebook最近穆克什10%的股份安巴尼的Jio平台有限公司以57亿美元的价格。Jio4 g网络是印度最大的,有近4亿名客户。安巴尼亚洲首富,想和附近的商店,连接一个多亿的买家结合物理和数字零售。支付通过WhatsApp将以实现这个链接,与品牌给予折扣和金融家提供店内信用基于Jio评分模型。
别人会迎头赶上。Amazon.com inc .)正计划将20亿美元的股份Bharti Airtel Ltd .) Jio最亲密的对手,路透社报道。据英国《金融时报》,谷歌正在探索投资沃达丰集团陷入困境的印度无线业务。(沃达丰想法有限公司董事会之前说没有这样的提议。)
不断上升的全球数字化billion-plus-people经济能否持续的兴趣,因为它伴随着什么可能是一个长期的技术中国和西方之间的冷战。尽管印度已承认隐私权是一项基本权利,对科技企业给予理由的法律挑战,它尚未制定数据保护法律。是必须关注的地方,而不是限制竞争。中央银行需要在维护金融稳定之间取得平衡,鼓励创新,如“账户聚合器,”编译并与用户的同意分享金融数据寻找贷款或保险。与大多数制造业和服务业在混乱中,帮助钱病毒是印度最好的机会去打破Covid忧郁。
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