WhatsApp Pay service like to launch by end of May
By MYBRANDBOOK
It been quite some time that Facebook, the parent company of WhatsApp, is trying to launch its payment gateway, WhatsApp Pay in India. According to news source, now WhatsApp is launching its payments option in partnership with three private banks in India in the coming months.
end of May, WhatsApp Pay will be available to all users in India. Initially, the option will be available for ICICI Bank, Axis Bank and HDFC Bank. It is also reported that State Bank of India (SBI) will be added later. All the four banks were a part of the integration process while WhatsApp Pay was in its beta testing mode, which started with ICICI Bank.
As per report, due to multiple legal and regulatory hurdles the company was faced two years of delay inspite of getting restricted testing clearance from the National Payments Corporation of India. The report also added that the issue of the data localisation guidelines released by the Reserve Bank of India in April 2018, was also a hindrance.
WhatsApp's UPI-based WhatsApp Pay service has been in a test mode in India since February, 2018 albeit the service being accessible to select users. However, the service was available to other users gradually. To activate the service, all the user had to do was initiate a payment to generate a UPI code.
The Facebook-owned social messaging app has more than 400 million users in India and more than 2 billion users worldwide. With these many subscribers to the app, India is the largest market for the app currently. For this reason, the upcoming WhatsApp Pay service is touted to be hit among the users in terms of digital transactions. In this manner WhastApp Pay aims to take on already established digital payment gateways in the country, mainly Google Pay and Paytm.
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