WhatsApp Pay has finally launched in India thanks to regulatory approval from NPCI (National Payment Corp of India). Ensure Whatsapp is in its latest version, as the update is rolling out in a “graded manner” to both Android and iOS users.
In the first phase, the UPI-based service will now expand from the current 1 million beta users to 20 million. Thus phase-by-phase, it will be cleared to cover the entire 400 million and growing userbase.
WhatsApp’s United Payment service will be available in 10 Indian languages. It will be a multi-bank model with providers like HDFC Bank, Axis Bank, the SBI, and Jio Payments Bank, and ICICI Bank.
“In the long run, we believe the combination of WhatsApp and UPI’s unique architecture can help local organizations address some of the key challenges of our time, including increasing rural participation in the digital economy and delivering financial services to those who have never had access before,” WhatsApp blog states.
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WhatsApp Pay had been mired in the regulatory web for two years. As aforementioned, it was present on a trial basis for some users since February 2018. But it was still minuscule considering the prevalence of WhatsApp in India.
Meanwhile, the competition has grown and penetrated in the country. Lately, players like Google Pay and PhonePe have even started integrating storefronts into their respective digital marketplaces. Of the two, the latter has been very aggressive with its discounts and offers to increase its customer base.
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Now even though others have had a headstart, WhatsApp, being a giant on its own shouldn’t have a problem pulling it off. It aims to increase financial inclusion by making the “payments on WhatsApp as easy as sending a message”.
While it aims to scale up, the NPCI will be keeping a tab on its growth, especially for any form of monopoly risks. As a precautionary measure, it has asked WhatsApp to comply with the 30% transaction volume from the get-go.
