WhatsApp Launches Payment Service In India
It is done. Facebook has come to an agreement and is expanding its operations in India. WhatsApp customers have access to the payment service of the messenger in the country and will be able to use it on an equal basis with other countries.
Back in 2018, a beta version of the payment system was launched in India. But due to problems with storing and exchanging data, the official launch of the service was postponed. India has approximately 400 million WhatsApp users, so it is strategically important to Facebook.
After the National Payments Corporation of India (NPCI) accepted the launch of the payment system and Indian regulators approved retail operations. After a while, Facebook CEO Mark Zuckerberg made the announcement:
“ Now you can easily send money to friends and family via WhatsApp by simply sending a message. ”
Zuckerberg also said that digital payments are starting to be critical in today’s world. And they are becoming especially relevant in light of the coronavirus pandemic, as they will reduce the need to use fiat money.
The new payment service provided by WhatsApp will work in conjunction with the unified payment interface UPI, India’s national payment infrastructure. PhonePe, GooglePay and Wal-Mart also use the UPI unified payment interface in the country. They are also the largest suppliers in the United States, accounting for about 40% of the UPI transaction market.
This WhatsApp payment service, for using the UPI unified payment interface, was launched in cooperation with the largest Indian banks, ICICI Bank, HDFC Bank, Axis Bank, National Bank of India and Jio Payments Bank.
Facebook believes that the new payment service will become popular among the people of India and the world of digital payments will become more accessible to them.