Now, send and receive money on WhatsApp
The long-awaited feature of WhatsApp – the WhatsApp pay will officially be made available to all Indian users later this year. This will be a UPI-based peer-to-peer service which was first announced in February last year, but has since, remained limited to a beta phase.
Global Head Will Cathcart addressed a gathering in New Delhi, in which he said: “To boost digital inclusion in India, we can launch the (Pay) service across the country later this year after meeting regulations.”
It should be mentioned here that the official rollout of WhatsApp’s payment service met with a roadblock after the company was not able to comply with the local digital payments framework guidelines. However, the messaging service was given the go-ahead for a trial run but was limited to only a few users in India. Last year in June, WhatsApp did announce that a million users in India were “testing” the payment service.
The Facebook-owned platform proceeded to inform the Supreme Court of India that it will indeed follow all the guidelines as put into place by the Reserve Bank of India (RBI) with respect to data localisation before launching the full payments service.
NITI Aayog CEO Amitabh Kant spoke at the event and said that WhatsApp was delayed in meeting India’s regulatory norms to launch its digital payments service.
“We look forward to WhatsApp Pay in India once it fulfils all the regulatory requirements,” Kant said at the event.
India’s market is already flush with a number of digital payments option and now that WhatsApp has entered the fray, it will lock heads with Paytm, which is one of the biggest digital payments company in India. However, WhatsApp has a massive user base in India and this gives the platform a great head start in the country.
Now it will proceed to add peer-to-peer (P2P) UPI-based Pay service, and along with the existing user base which is at its disposal, the competition in the coming days with Paytm promises to be rather interesting.