Facebook’s online payment service WhatsApp Pay is expected to launch in India later this month. The beta version of WhatsApp Pay has been in the country for two years. But due to some technical difficulties, WhatsApp Pay has not been officially launched. However, after much wait, it is that WhatsApp will launch in late May.
Earlier, it was reported that WhatsApp had authorized the National Payment Corporation of India (NPCI) to launch payment services in phased manner. The report was released by the Money Control website on WhatsApp’s next move.
Facebook’s proprietary messaging app will partner with three leading banks – ICICI Bank, Axis Bank and HDFC Bank. State Bank of India has reportedly refused to cooperate with WhatsApp in the first phase.
WhatsApp also complies with the data localization criteria of the Reserve Bank, which is the main cause of the launch delay, the report said. But WhatsApp says it will launch a payment service step by step to help banks handle a lot of transactions. WhatsApp has 40 crore users in India. This is the largest market globally.
We will continue to work with the government so that all of our users have access to WhatsApp payments. WhatsApp payments will help accelerate digital payments in the country. This is especially important during Covid. “This is the safest way to deal with 40 million users in India,” a WhatsApp spokesperson said.
WhatsApp Pay is expected to be a huge success in terms of the number of users in India. And it’s easy to use since users don’t have to download another app. WhatsApp Pay and Existing Services Google Pay and PayTM will be a tough challenge in the country’s digital payment market.
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