WhatsApp Pay will finally be rolled out in India. The Facebook-owned company has received licence from National Payments Corporation of India (NPCI). WhatsApp Pay will be released in a phased manner in India. The digital payments service from WhatsApp is so far available to Indian users under a pilot. The roll-out of WhatsApp Pay will help WhatsApp grow its payments service, and it will reach over 400 million users in the country.
The payment service uses the government’s Unified Payments Interface (UPI) to enable mobile transactions. Facebook has finally managed to get approval as the company was trying to launch the WhatsApp Pay service in India since 2018. It got approval to test the service with one million users in India in 2018, as a part of the beta testing.
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“We got approval to test this with one 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.” Facebook’s CEO Mark Zuckerberg said during the company’s earnings call. But, it hasn’t been able to officially launch the payments service due to delay in regulatory approval.
Business Standard reported that WhatsApp Pay service will first be rolled out to 10 million users in India. “Pending other compliance points, the messaging platform will be able to do a full rollout,” said a person familiar with the matter. “The full rollout would make WhatsApp Pay one of the largest mobile payments services” in the country.
The service will help boost digital inclusion in the country. “Having small businesses succeed is not the only key to creating broad economic growth where everyone can support themselves. It’s also important to maintain healthy communities since small businesses are often where people come together,” Zuckerberg said.