Whatsapp Pay To Launch In India By The End Of May!
WhatsApp is reportedly working on launching its UPI-based payments service for all users in India by the end of this month. WhatsApp started beta testing its UPI-based payments service in India back in February, 2018. The payments method hasn’t been able to launch officially in India due to some roadblocks.
The Payment service app has done a partnership with three private banks, Axis Bank, HDFC Bank, and ICICI Bank. And the public sector State Bank Of India will join the app later.Earlier, it was reported that the NPCI ( National Payments Corporation of India) had permitted Whatsapp to start the payment services in India in a phased manner.
As per the reports from the two bankers who are aware of the next move by Whatsapp says, Whatsapp Pay will roll out in India by the end of May. Whatsapp has collaborated with three banks ICICI Bank, Axis Bank and HDFC Bank.
A Whatsapp spokesperson said,
“We are continuing to work with the government so that we can provide access to payments on WhatsApp to all of our users. Payments on WhatsApp will help accelerate digital payments and this is particularly important during COVID-19 as it is a safer way to transact for our 400 million users in India.”
He further added,
“Currently, both SBI and WhatsApp Pay are working closely through the integration testing phase. We are given to understand that there are some outstanding observations of CERT-In Audit report submitted by WhatsApp Pay for which they seem to have sought time till May 31, 2020, to comply with us fully.”
WhatsApp Pay is expected to be a huge success for the company considering the number of users in India, and the ease of use since users don’t have to download another app. WhatsApp Pay while boosting the country’s digital payments market will also give stiff competition to existing players like Google Pay and Paytm.