Pay from WhatsApp to anyone. WhatsApp Payments arrive In India Later This Year just like PayTm
From last few years WhatsApp is trying to launch its online payments but is not able to release it publicly due to regulatory hurdles. After the Note ban India’s digital payments industry has been booming ever since and only because of universal protocols like UPI (Unified Payments Interface), transferring money has never been this easy.
Last year WhatsApp Payments was released via beta channels for a few whats app users in the country. As per Indian regulations whats app need to have its data stored in India only and this prevented Whats Apper from having an immediate launch, even when they had the infrastructure in place.
will Cathcart told us that whats app which is Facebook-owned social messaging app will launch Whats Appe Payments later this year. will Cathcart said the company’s vision is to make sending money as easy as sending a message on the platform.
Currently WhatsApp has more than 400 million active users in India. Once whats app payments is launched those 400+ million users will get direct access to this payments system, giving it a huge edge over the competition.
Other online payment company have often complained that Whats App infrastructure is not in compliance with the country’s regulations. Whats app told the Supreme Court in May that it will complete its trial run by July, and they wont launch its payment services till they don’t fully complying with the central bank norms. They’d rather take their time and cover all necessary formalities
In whats app doing transactions will be very easy and this is good For small and medium scale businesses, because communication will also be in the same window. The company is optimistic that WhatsApp Payments will be a boon for the end consumer.
Whats app payment will be competing with Google’s GPay, PhonePe, payumoney, Paytm amazon pay and few more. Every payment app is trying to come to top and coming up with new ways to incorporate a payment solution because India is a really big market and we will also have space for multiple players. Truecaller phone number directory app has also come out with payments interface last year.
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