Published 13:47 IST, May 6th 2020
WhatsApp Pay going to hit Indian market by end of May | Know details
WhatsApp Pay is finally going to be launched in the Indian market. Read more to find out the launch date and the reason why Facebook had to wait for 2 years.
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Facebook is going to launch payment mode in WhatsApp called WhatsApp Pay soon in India. Facebook Inc has been struggling to launch this model in India for two years after beta version of WhatsApp Pay rolled out in February 2018. However, organisation has gotten a d from NCPI to enter in Indian UPI market w.
When is WhatsApp Pay launching in Indian market?
According to reports, new payments feature in messaging app called WhatsApp Pay will be available by end of May 2020 in India. Facebook-owned messenger application is reportedly launching its payments option in partnership with three private banks including ICICI Bank, Axis Bank and HDFC Bank in India. reports also say that State Bank of India (SBI) will be a part of WhatsApp Pay later after app is launched in market. se four selected banks were affiliated in Beta process of WhatsApp Pay as well in 2018.
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While talking to a leing news portal, a WhatsApp spokesperson said that organisation is continuously working with government to provide users with a payments mode on WhatsApp. WhatsApp currently has more than 400 million users in India and this new feature may boost digital payments and help create a safer and easy way to transact in country.
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delay in launch of WhatsApp Pay is due to multiple legal and regulatory hurdles faced by Facebook to get testing clearance from National Payments Corporation of India (NPCI). reports revealed that major problem faced by organisation to launch WhatsApp Pay was issue of data localisation guidelines released by Reserve Bank of India in April 2018.
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Facebook-owned messenger app is expected to give a tough competition to Google Pay, Paytm, Amazon Pay, and or UPI based apps in market as it has more than 400 million users in India and more than 2 billion users worldwide. This also means that WhatsApp Pay may become one of most used UPI based application in India as WhatsApp is widely used by many users in country daily.
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Apart from this, Facebook Inc recently bought a 9.9% stake in Reliance Jio. partnership between Facebook and Jio is considered to be a boon for Indian ecomy by many experts. This new Facebook-Jio collaboration may affect many telecom giants in country such as Airtel, Vodafone and ors.
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13:46 IST, May 6th 2020