Facebook is rolling out its WhatsApp payment service, which is first tested as a beta in early 2018, for users in India after receiving approval from the country’s regulators.
India, being WhatsApp’s one of the biggest markets, it’s launch is pretty important for the Facebook owned app. The app rolls out payments in ten Indian regional languages in the latest stable version of the WhatsApp app on Android and iOS. The announcement was made after the National Payments Corporation of India (NPCI) said that it had granted approval to WhatsApp to roll out UPI-powered payments in the country.
Facebook confirms the rollout of the service in a blog post. “We designed our payments feature on WhatsApp in partnership with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), an India-first, a real-time payment system that enables transactions with over 160 supported banks. We’re excited to join India’s campaign to increase the ease and use of digital payments, which is helping expand financial inclusion in India,” Facebook states.
Unified Payments Interface is also used by Walmart’s PhonePe and Google Pay, two of the largest UPI mobile payment providers in the country, with both controlling around 40 percent of the market. “With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy. India is the first country to do anything like this. I’m glad we were able to support this effort and work together to help achieve a more digital India. I want to thank all our partners who’ve made this possible. When people can access financial tools, they’re more empowered to support themselves and others or start a business. Long term, we need more innovation that gives people control over their money, and making payments easier is a small step that can really help,” said Mark Zuckerberg, in a video posted Friday. He also adds, “Now you’re going to be able to easily send money to your friends and family through WhatsApp just as easily as sending a message.”
In the blog post, Facebook also said it had worked with five “leading banks” on its new payment service: ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. UPI itself is supported by more than 160 banks.
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November 07, 2020 at 02:40PM
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WhatsApp Begins Rolling Out Payment Service In India - Forbes
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