WhatsApp Pay Might Launch In India By End Of May

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WhatsApp has been testing its payment service 'WhatsApp Pay' in India for over two years. However, the service has never been officially launched in the country. After a long wait, WhatsApp is set to launch it later this month.

WhatsApp Pay Might Launch In India By End Of May

 

According to a report by Money Control, WhatsApp Pay is expected to launch in India by the end of May. The development comes after Facebook got approval from the Nation Payments Corporation of India (NPCI) to launch the WhatsApp Pay service in India.

WhatsApp payment service has been launched with support of three main banks that include ICICI Bank, Axis Bank, and HDFC Bank. The report further states that the State Bank of India (SBI) is one of the partners in WhatsApp Pay. Even if it is not available at launch, its support will roll out later. The payment service supports UPI enabled banks.

The report also includes that WhatsApp adheres to the Reserve Bank of India's data localization policy, which is the main reason behind the delay in launch. WhatsApp will help many banks in their transaction by announcing the launch of its payment service.

India is the first country where the Facebook-owned company will run the service. It was initially only available to WhatsApp beta users and this UPI payment service has been integrated into the messaging service, so users can pay anyone without leaving the app.

The number of WhatsApp users in India is around 400 million which makes it the largest market in the world. The users do not have to download another app for payment. The service will compete with the best digital payments like Google Pay, PhonePe, Paytm which offer similar services.

WhatsApp will expand its WhatsApp Pay in India like other digital apps. It is expected to start offering loans to users in India. However, we do not know whether this will happen at all.

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