WhatsApp Pay is available for some users within the app
WhatsApp began testing its payments service -- WhatsApp Pay -- in India back in 2018. However, the service never made an official entry in the country. Now, after a lot of waiting, the Facebook-owned messaging app could finally introduce the payments feature in India, that too, this month. Read on to know more about WhatsApp's payments venture in India.
WhatsApp Pay launch in India this month
As per a report by Money Control, WhatsApp Pay is expected to launch for all in India by the end of this month, that is, May. The information comes from two unnamed bankers close to the matter.
WhatsApp Pay will begin operations with three major banks in the country -- HDFC Bank, ICICI Bank, and Axis Bank. However, State Bank of India (SBI) won't be a part of the initial availability of the payments service. This comes as a surprise as SBI was a part of WhatsApp payments service when it was initially rolled out as a pilot program in India.
It is suggested that WhatsApp Pay will be rolled out slowly so that the security is taken care of and banks aren't burdened with the transactions. Since WhatsApp will be based on UPI-based, the National Payments Corporation of India (NPCI) has asked UPI third parties to become a multi-party model for better usage.
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 as it is a safer way to transact for our 400 million users in India."
To recall, WhatsApp began testing WhatsApp Pay for two years and is available for some users in the country. However, was didn't reach out to all users due to its non-compliance with the data localisation rules set by the Reserve Bank of India. Now, WhatsApp is ready to adhere to the guidelines.
In addition to this, WhatsApp is also expected to expand the WhatsApp Pay horizon and start lending loans to users in India, much like Paytm, Amazon, and more. However, we don't know when it will happen, if it happens.
