WhatsApp Gets a Raw Deal in Payments
(Bloomberg Opinion) -- Money is many things, but it’s not fake news. So why block WhatsApp from spreading it around? Facebook Inc. CEO Mark Zuckerberg entered the fray two years ago by enabling the popular messaging service WhatsApp to send and receive money in India. But the beta version, limited to 1 million users, keeps getting blocked from becoming a full-fledged service. The troika led with 75 million, 60 million and 30 million customers transacting last month, respectively, according to TechCrunch. While Facebook 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. 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 Corporation of India, to throw open the switch.