Zuckerberg 3e12z Excited That WhatsApp Has Been Approved to Launch Payments in India

WhatsApp has teamed up with Axis Bank, HDFC Bank, ICICI Bank, Jio Payments Bank, and State Bank of India to facilitate the new feature. 6o4n3a

By Gadgets 360 Staff With Inputs From Reuters | Updated: 6 November 2020 11:33 IST

Zuckerberg: Excited That WhatsApp Has Been Approved to Launch Payments in India

There's no fee, and it's ed by more than 140 banks,” Zuckerberg said in a video statement 2g4x3c

Highlights

WhatsApp to soon roll out payments service starting with two crore s
WhatsApp had for long been trying to comply with Indian regulations
NPCI is a non-profit company which counts over 50 banks as shareholders

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Facebook CEO Mark Zuckerberg said he was excited that WhatsApp has received approval to roll out its payments service in India. The Facebook-owned messaging service will soon roll out its payments service in the country starting with two crore s, the country's flagship payments processor said on Thursday, giving WhatsApp an entry into a crowded digital payments space. WhatsApp, which has over 40 crore s in India, its biggest market, will compete with Alphabet's Google Pay, Softbank- and Alibaba-backed Paytm and Walmart's PhonePe.

“I am excited today that Unified Payments Interface, which makes it easy for anyone to instantly accept payments across different apps – and for companies to provide people with great services.”

The Menlo Park, California-based firm had for long been trying to comply with Indian regulations, including data storage norms that require all payments-related data to be stored locally.

WhatsApp Pay Gets Green Signal in India, but With 20 Million Cap

Announcing the new service in a State Bank of India to facilitate the new feature. The payment system enables transactions with over 160 ed banks.

"WhatsApp can expand its Unified Payments Interface (UPI) base in a graded manner starting with a maximum ed base of 20 million," the National Payments Corporation of India (NPCI) said in a statement.

Set up in 2008, the NPCI is a not-for-profit company which counts over 50 banks as its shareholders, including the State Bank of India, HSBC.

WhatsApp to Roll Out Payments to Its 400 Million s in India This Year

Online transactions, lending, and e-wallet services have been growing rapidly in India, led by a government push to make the country's cash-loving merchants and consumers adopt digital payments.

UPI processed over 180 crore transactions in September, up from over 160 crores the previous month, according to data on the NPCI website.

NPCI Announces 30 Percent Cap for Third Party UPI Apps Like Google Pay

© Thomson Reuters 2020

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