WhatsApp Pay to Launch in India by May-End With 3 Banks on Board

WhatsApp Pay to Launch in India by May-End With 3 Banks on Board

WhatsApp Pay to Launch in India by May-End With 3 Banks on Board

WhatsApp Pay to Launch in India by May-End With 3 Banks on Board

 

Now The WhatsApp Pay is set to go live as early as by the end of the month according to a report. These payments service by the instant messaging app is currently under beta testing, is said to be launched initially in partnership with three private banks, namely Axis Bank, HDFC Bank, and ICICI Bank, while public sector State Bank of India (SBI) will join at a later stage. In The present, WhatsApp Pay allows transactions based on Unified Payments Interface (UPI) via ICICI Bank.

 

The Axis Bank, HDFC Bank, ICICI Bank, & SBI, all four banks are said to be in the process of integrating with WhatsApp, reports to Moneycontrol.com, citing a couple of bankers familiar with the development. These messaging app owned by Facebook is said to begin the public rollout of its payments service in the country with the three former private lenders.These reason behind the delay in bringing SBI on board is mainly due to the requirement of a )(robust security architecture) its should be in compliance with the regulatory guidelines in the report said.

 

NPCI Offer

 

National Payments Corporation of India (NPCI) recently made its mandatory for the large digital platforms offering UPI-based payments services to the opt for a multi-bank model to avoid any delay in transactions. Such as a model is also helpful in case one bank is facing issues in allowing payments. They drawbacks of using a single-bank model were seen during the moratorium of Yes Bank earlier this year that halted operations of platforms such as PhonePe & Swiggy for some time.The Google Pay and Truecaller are amongst these major platforms allowing transactions via multiple banks at the present stage. They Interestingly Google Pay already has Axis Bank, HDFC Bank, ICICI, and SBI as the four acquiring banks to enable UPI-based transactions.

 

Original plan on hold due to a litigation

 

In The February non-governmental organisation (NGO) Centre for Accountability & Systemic Change (CASC) filed a plea in the Supreme Court claiming that WhatsApp has not fully complied with the data localisation in norms set by the Reserve Bank of India. The One million Indians cannot be reduced to guinea pigs. These sensitive personal data, including financial data cannot be stored outside India in contravention to the RBI circular. Due to that litigation raising security concerns pertaining to WhatsApp Pay, these initial plan to bring its access to 10 million users initially has reportedly been held up..

 

Final Look Ups

 

The report earlier this year claimed that WhatsApp secured a licence from NPCI to begin in the phased rollout of its payments service in the country. These service was started in the beta testing in February 2018. The WhatsApp tied up with ICICI Bank to start enabling payments through the platform & brought certain updates to the backend to make the system ready for its public launch.

 

Facebook Company also has plans to go beyond India with WhatsApp Pay. The CEO Mark Zuckerberg at the time of Facebook earnings in late January mentioned that the company wants to roll out the payments service in the several countries in the next six months.The WhatsApp Pay will compete directly against Amazon Pay UPI, Google Pay, PhonePe, and Paytm. In the instant messaging app already has over 400 million users in India, its payments service could make things tougher for all the existing players in the market.

 

WhatsApp Start Enable E- Commerce Operation

 

In The Last month WhatsApp started enabling e-commerce operations for JioMart. These move was concurrent to the Rs. 43,574 crore investment that Facebook announced specifically for RIL's Jio Platforms to further expand in India. The JioMart would emerge as one of the early platforms widening WhatsApp Pay in the country as consumers would be able to make purchases on these platform directly using the integrated payments service.

 

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1 Response

  1. May 15, 2020

    […] These report also adds that to use the features, users will need the latest versions of WhatsApp Business and Facebook. These Facebook-link feature was rolled out on the platform via the update version 2.20.67 (Android) and 2.20.51 (iOS), respectively.In the case the update is not available for your device just yet, you can download the latest versions of Facebook and WhatsApp (v2.20.67) through APK Mirror. […]

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