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WhatsApp Pay Coming Soon To India, Gets Approval From NPCI
Finally, Facebook had received the approval from NPCI (National Payments Corporation of India) in order to launch WhatsApp Pay service in India after almost two years. Initially, WhatsApp wasn't granted permission to send and receive payments as it couldn't localize data completely. Now, the issues seem to have been cleared.
Phased Rollout Of WhatsApp Pay
Now, a report by Business Standard citing an RBI executive states that WhatsApp Pay will be rolled out to users across India in a phased manner. It stated that the instant messaging platform has received the approval from NPCI after it assured to adhere to the local data regulation norms. And, in the first phase, the payment service will be made available to nearly 10 million users. For the uninitiated, in India, a mid-2020 launch of WhatsApp Pay is expected.
The report notes that WhatsApp will be able to roll out the payment service to all users after meeting the other pending compliance points. When the wider rollout of WhatsApp Pay is over, it will be the biggest UPI payment services in India as the instant messaging platform has 400 million active users in the country. And, it will be able to take advantage of its user base and compete against other payment services such as Paytm, Google Pay, and PhonePe among others.
WhatsApp Pay Details
As mentioned above, WhatsApp Pay was introduced in India in early 2018. Back then, the company teamed up with ICICI Bank for the trial. To make the payment, users had to select their preferred bank account and use an MPIN to authenticate the payment similar to the other UPI payment services.
With the wider rollout of WhatsApp Pay, the platform will be able to cash in on the fast-growing digital payments sector in India right now. Notably, the development regarding the wider rollout of WhatsApp Pay came just days after the company confirmed that the payment service will be rolled out to users in several markets such as India, Brazil, and the Philippines among others in the next six months.
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