The Facebook-owned messaging platform, WhatsApp is launching its payments feature, WhatsApp Pay. It is now available for users across the country. Moreover, it is available in 10 regional Indian languages for users.
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After facing regulatory hurdles and courtroom battles for months, WhatsApp Pay receives its approval to go live using the Unified Payments Interface (UPI). In addition, the NPCI clearance limits the number of users on the platform to 20 million in the first phase.
Mr. Zuckerberg, Founder, and CEO of Facebook, in a video message, added that with UPI, WhatsApp Pay is opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy. However, this ends the two-year wait for the platform.
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“India is the first country to do anything like this. I’m glad we were able to support this effort and work together to help achieve a more digital India. Additionally, I want to thank all our partners who’ve made this possible.”
Mark Zuckerberg
In the first phase, it can expand its payments user base to 20 million.
WhatsApp Pay: What does it entail?
WhatsApp has nearly 400 million users in India. Currently, in the beta phase, as part of the pilot operations, it serves about 1 million customers.
India currently uses many payment apps including Paytm, PhonePe, Google Pay among others. WhatsApp Pay will add to the competition in this UPI-rich environment in India. Moreover, this payment feature is in partnership with the National Payments Corporation of India (NPCI) using the UPI.
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This is an India-first, a real-time payment system that enables transactions with over 160 supported banks. WhatsApp Pay partnered with five leading banks in India including ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. Moreover, people can also send money through WhatsApp to anyone who is using an app that supports UPI.
“In the long run, we believe the combination of WhatsApp nd UPI’s unique architecture can help local organizations address some of the key challenges of our time, including increasing rural participation in the digital economy and delivering financial services to those who have never had access before.”
WhatsApp blog
On the other hand, India’s payments market is crowded with domestic pioneer Paytm, Google Pay, Walmart Inc.’s PhonePe, Amazon.com Inc.’s Amazon Pay, and dozens of other startups.
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