After waiting for over a few months, WhatsApp finally received permission from NCPI (National Payments Corporation of India) for its digital payment platform, WhatsApp Pay. The digital payment service from WhatsApp was delayed due to its non-compliance with data localization norms. However, WhatsApp has finally agreed to comply with rules and regulations laid by the regulators in India.
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According to Business Standard, “The National Payments Corporation of India (NPCI) has granted WhatsApp permission to operate its digital payment service in a phased manner.” It means initially WhatsApp Pay services will be limited to only 10 million users in the country. However, the limit will be withdrawn once the company complies with all other points.
WhatsApp Pay will be one of the most prominent payment players in the country. The service is going to use Unified Payments Interface (UPI) for real-time payments transfer. It will pose a severe threat to present players, including PhonePe, Google Pay, PayTM, and others.
Every major tech giant is in the race to dominate the 400 million users market in India. However, WhatsApp plans to launch the Pay service in the other six countries. In Q4 2014 Facebook financial report, Mark Zuckerberg told about the WhatsApp Pay rollout in other countries. He said, “One example we’ve been working on is WhatsApp Payments. You’ll be able to send money as quickly and easily as sending a photo. We got approval to test this with a million people in India back in 2018, and when so many of the people kept using it week after week, we knew it was going to be big when we get to launch. I’m really excited about this, and I expect this to start rolling this out in several countries and for us to make a lot of progress here in the next six months.”
Payments option on the world’s most used social messaging app is a convenient way to transfer money. At the same time, it’s a tough job for the WhatsApp to provide security and privacy by taking care of the local laws. We hope WhatsApp Pay will reach masses and will ensure safe and secure payment transfers.
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