WhatsApp Pay starts rolling out to more users in India

WhatsApp Pay starts rolling out to more users in India

Whatsapp Pay follows the likes of Google, Samsung and a number of firms using UPI, a payment infrastructure built by a coalition of banks in India.

"This secure payments experience makes transferring money just as easy as sending a message", WhatsApp said in a statement. WhatsApp has been operating in the space with a 1-million customer cap for the last two years, and clearance from NPCI means the messaging platform can scale its presence up in a segment that is controlled in majority by just two players.

A recent report by S&P Global Market Intelligence had said that Google Pay and PhonePe-led UPI payment apps handled over 700 crore transactions in total, representing more than two-thirds of UPI transactions in 2019. NPCI says that the cap of 30% will be calculated on the basis of the total volume of UPI transactions that were processed in the preceding three months.

UPI recorded over 2 Bn transactions in October, a milestone that highlights the faster adoption of digital payments in a pandemic-hit world.

First of all, you will need to have the latest version of WhatsApp installed on your phone for the WhatsApp Pay option to be available.

UPI's growth in India and its interoperability has left behind other players who focussed on mobile payments alone. To make payments using the service, you'll need a UPI passcode.

WhatsApp will today begin rolling out its payments service across India as it aims to gain a slice of the country's fast growing digital payments market. It seems like WhatsApp has finally managed to meet all requirements, as the NPCI has now permitted the Facebook-owned messenger to go live on the UPI framework in a staged fashion.

How to use WhatsApp Pay?

"Digital payments in India is still in its infancy and any interventions at this point should be made with a view to accelerate consumer choice and innovation".

A month after that deal was announced, Zuckerberg spoke at a Facebook shareholder meeting about plans to integrate WhatsApp Pay with Jio, which has a network of mom-and-pop stores across India. WhatsApp is now running pilot programs for the same. "Even a small conversion of the demand will translate into an infusion of significant savings into the financial system", said Bose then. Since March, Thukral has been WhatsApp's policy chief in India, whose key responsibility is securing regulatory approval for WhatsApp Pay. Once enabled, users can send money to their contacts by entering the payment window. If you haven't set up a UPI linked to your bank account, you do so through WhatsApp.

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