WhatsApp Payments Service likely to begin soon
WhatsApp may launch its payments service soon. The company is reportedly testing the payments service features with 1 million users in India
WhatsApp may launch its payments service soon. The company is reportedly testing the payments service features with 1 million users in India. The service is likely to be launched in few weeks after these users complete testing. The messaging app is reportedly working with banks, the government and the NPCI to expand its payments network in India. The payment service, which will be UPI-based, will have chatting and social media.
The WhatsApp payments service will have to compete with apps such as Google Tez and Paytm.
According to a Telecom Talk report, the full-fledged launch of the service might come in a few weeks. The report citing a WhatsApp official said feedback from the users has been very positive and through the app sending money is as simple as sending messages.
To extend the payments services to more users in the country, WhatsApp had earlier received approval from the National Payments Corporation of India (NPCI) tie-up with the banks and payment service providers. UPI will be used to facilitate payments. Many including Paytm founder Vijay Shekhar Sharma earlier expressed doubt on WhatsApp payments security.
The government and RBI mandated that all payment related users data should remain inside the country. The bank regulator gave a six-month time to adhere to the compliance. The government has recently asked all the companies that there should not be any data breach, and asked NPCI to make sure that WhatsApp was following the RBI rules.