WhatsApp is a Facebook-owned messaging service; it has got approval for launching its digital payment app Whatsapp Pay. Facebook has got approval from the National Payments Corporation of India (NPCI) to launch WhatsApp Pay in India. From the past two years, the company was trying to bring the payments feature to India, and now finally, they have got permission to launch the Payment app in India.
WhatsApp Pay to launch in India, Facebook gets NPCI Approval
As per the reports, Whatsapp Pay will be launched in a phased manner. One of the executives from Reserve Bank of India (RBI) told, “The NPCI has given licence to start WhatsApp digital payment service in a phased manner.”
The company has got permissions from National Payments Corporation Of India and assurance to comply with the local data regulation. The first phase of the Whatsapp Payment service will be out to 10 million users. As per the source, the messaging platform will be able to do full rollout, after the pending other compliance points.
Once the complete app is launched, then Whatsapp will become the biggest UPI payments service provider in India. The new digital app will compete against PayTM, Google Pay, Amazon Pay, PhonePe, and much more apps. However, Whatsapp will have a great advantage as there are already more than 400 million active users in India.
First, Facebook brought Whatsapp Pay to India in 2018 on a trial basis. For the trial run, the company has done a partnership with ICICI Bank and made WhatsApp Pay available for selected users. However, at that time, the company did not get permission from regulators to launch the app.