It’s been two years since WhatsApp Pay had the initial trials and the service is not yet live. We are not sure when it will be able to get out of the regulatory cobweb. But, when it arrives, it’ll probably haul in a credit functionality. Interestingly, this news popped just as Amazon Pay Later feature got launched in the country.
The Facebook-owned platform has sought permission for credit services in its recent filing with the ministry of corporate affairs.
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So it seems that lending credit will be one of the areas that WhatsApp is interested in. This sentiment has been echoed by Abhijit Bose, head of WhatsApp India. Speaking at an event in Bangalore late last year, he said that the mobile payments market is in the nascent stage in India and may eventually branch out to other avenues.
Incidentally, WhatsApp Pay’s India launch could be sooner than you’d think. The company has reportedly contacted NPCI, the regulatory body, and is expected to comply with local data protection and storage regulations by May.
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In other news, Amazon Pay Later service has gone live in India amid the lockdown. Meanwhile, Reliance, Paytm, BSE, NSE, and other India Inc giants are apparently aiming to build a payment entity alternative to NPCI.
From the looks of it, the ambit of private entities in the payment sector is going to proliferate in the near future.