Facebook is going to launch its WhatsApp payment service for users in India after obtaining approval from the country’s regulators. This current development can prove to be very beneficial for the company as India is a huge market and the service can spill over to neighbouring countries as well.
WhatsApp Launches Payment Service for Indian Users
The National Payments Corporation of India (NPCI), India’s regulatory group for retail payments, granted its approval to WhatsApp, with Facebook verifying the launch of the payment service just a few hours later in a blog post.
The payment service was first started in India as a beta in the year 2018, but a full launch was postponed for years because of the concerns related to data storage and sharing. Therefore, it’s an important launch for what is WhatsApp’s largest market, home to almost 400 million users.
After the development, Mark Zuckerberg said,
Now you’re going to be able to easily send money to your friends and family through WhatsApp just as easily as sending a message.
The Facebook Chief also recommended that digital payments were “especially important” amid a global pandemic, as they exclude the need for the in-person exchange of cash.
In a blog post, Facebook informed that it had operated with five “leading banks” on its new payment service which includes ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. UPI itself is supported by more than 160 banks.