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WhatsApp Pay Now Available for India Users

News Link: WhatsApp Pay Now Available for India Users

WhatsApp on Friday started its payment services in India after the National Payments Corporation of India’s (NPCI’s) nod. NPCI, which runs the Unified Payments Interface (UPI), had on Thursday allowed WhatsApp to start its payments service in the country in a “graded” manner. Starting with a maximum registered user base of 20 million in UPI, which is used for real-time payments between peers or at merchants’ end while making purchases.

“Starting today, people across India will be able to send money through Whats App. This secure payments experience makes transferring money just as easy as sending a message. People can safely send money to a family member or share the cost of goods from a distance without having to exchange cash in person or going to a local bank,” the Facebook-owned company said in a blogpost.

Whats App had in 2018 started testing its UPI-based payments service in India, which allows users to utilize the messaging platform to send and receive money. The testing limited to about a million users as it waited for regulatory approvals to come in. The company said the payment feature designed in partner ship with NPCI. It used UPI, an India-first, real time payment system that enables transactions with over 160 supported banks.

WhatsApp, which counts India as its biggest market with more than 400 million users, will compete with Paytm. Also with Google Pay, Walmart-owned PhonePe, and Amazon Pay in the country. In June this year, Whats App had launched WhatsApp Pay in Brazil. Brazil is the first country rolled out the service widely.

Compiled by – MK ( Editor)

Read more news at Finance Segment

News Link: WhatsApp Pay Now Available for India Users


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