Phones are sold here with features like 'Runs Whatsapp'.
My grandmother doesn't know to operate the android keyboard. She uses whatsapp. It's that popular.
India has awesome apps for doing peer to peer payment.
UPI system allows you to create custom UPI id's, linked to your chosen Bank account (you can link more than 1 account, with 1 acc being the active one at any given time, switch between accounts, etc), you can create multiple ID's linked to different bank accounts, you can create hundreds of thousands of ID's to link to invoices, contracts, dates, times, etc. All it takes for a payment is for you to share the ID, or convert it into a QR code for scanning by the other party.
I don't see why WA would take 30% of market share.
Most money transfers are usually commerce related, rather than linked to your social network.
UPI can be used for everything. Business and friends. And whatsapp wants to pair this with WA business (which itself is growing at an alarming rate. I am getting OTP's from businesses on WA)
If you are already using WA for sending money, why won't you use it for payments? The steps are the same. The interface is the same.
People will always use an app their friends are using. Probably the main reason why Facebook hasn't died. Network effect.
In this case, the UPI system is like a utility. Available to all, robust and incredibly low barriers of entry.
My father still thinks that Google Pay can only send money to a QR code with the Google Pay logo on it.
That's impressive. Every vegetable vendor I meet will ask me to use GPay, because that is what they use.
Yes, Payments to business that exists within WhatsApp. That would not lead to "30%" marketshare.
Case in point - Amazon Pay in India is lagging way behind (~5% marketshare) inspite it having billions and exclusive play within largest ecommerce property in India.
Yes, there are times though when she writes her message on paper, takes it's picture and whatsapps it to me because typing so much takes a lot more time.