WhatsApp is undoubtedly one of the best messaging platforms in the market globally. For a very long time, WhatsApp has been dominating the messaging service across the world. According to recent reports by Business Standard, WhatsApp will soon roll out its WhatsApp Pay feature to enable digital transactions. WhatsApp claims that it has catered to the Reserve Bank of India’s norms related to data localization and UPI- Unified Payment Interface system. It believes that it will soon receive the acceptance from the Central Bank for WhatsApp Pay very soon.
Abhijit Bose, the head of WhatsApp India operations has stated that the Facebook-owned messaging platform is very interested to launch the WhatsApp payments in India soon, and it will work with the local banks, governments, and other financial institution to understand their services and requirements. Just like other digital payment applications including Phone Pe, Google Pay, Paytm, Amazon Pay, etcWhatsApp will also be free of cost for the users. Abhijit tells that the goal of WhatsApp is to make payments easy for its customers just as the message.
WhatsApp has been gaining 177.8 million monthly downloads. This huge advantage will is a positive thing for WhatsApp to begin its digital payment services. With WhatsApp Pay, you can transfer money to your contact list easily just like other digital payment apps. This is a UPI based payment service that will let you send and receive money to your contact list.
WhatsApp Pay was developed by the National Payments Corporation of India ( NPCI ). It was first introduced in February 2018 in India as a trial version. The Facebook own platform got approval from NPCI on February 7 2021 to begin its Digital payment service through phases.
As a first step, WhatsApp Pay will avail digital payment services to about 10 million customers across India. You can enable WhatsApp Pay by initiating a payment to your contact. After your contact receives the payment request, he/she can set up their UPI account on WhatsApp. With just a click, you can do digital transactions with the people in your contact list.
Just like Phone Pe, Google Pay, Paytm, Amazon Pay, and other digital payment services WhatsApp Pay will also allow you to send money to anybody using a QR code. Through QR code, the WhatsApp users can send and receive money from people who are not on their contact list.
It is reported that people spend a higher time on WhatsApp than any other apps in the market. As WhatsApp is owned by Facebook, Facebook’s tie-up with Jio Mart will be a huge advantage for WhatsApp Pay to gain instant consumers. Jio Mart is Reliance Jio’s e-commerce arm, which was introduced a few months ago. This tie-up will benefit WhatsApp Pay to a great extent. The users can easily order and pay for what they have ordered without leaving the app. The reason for the delay in the launch of WhatsApp Pay is because it complies with the RBI guidelines.