WhatsApp is a hugely popular messenger app in the country with 400 million active users and now this instant messenger app has rolled out payments mode. WhatsApp has got approvals from the National Payments Corporation of India (NPCI) and it will now be able to extend Unified Payment Interface (UPI) payment services in a graded manner.
Back in February 2018, WhatsApp made its first attempt to enter into India’s UPI market but it faced many hurdles. After two and half years of rigorous testing, WhatsApp has finally made it to the UPI market. In August, the NPCI informed the Reserve Bank of India (RBI) that WhatsApp had met data localisation requirements.
Announcing this Facebook CEO Mark Zuckerberg said, “India is the first country to do anything like this. I am glad we were able to support this effort and work together to help achieve a more digital India. I want to thank all our partners who have made this possible.” But the NPCI has put a cap on the number of users. Initially 20 million users can avail WhatsApp Pay and depending up on the feedback, it can expand its service to many more users.
Facebook owns WhatsApp and in India, the WhatsApp payment service will compete against Google Pay, PayTm and PhonePe which are the leading UPI payment services available. For this UPI service, WhatsApp has tied up with 140 banks in the country. Also WhatsApp Pay is available in ten regional Indian languages.
This post was last modified on 6 November 2020 10:58 am
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