Like facebook, Whatsapp is a very popular social media app with 5 billion plus downloads worldwide. In India the user count is 400 million plus. The app let us share pictures,files,documents,location and more. But from the end of May 2020 it will be able to send money from our bank account too. Just like Google pay, Paytm, Phonepe money transfers will come true via this app. WhatsApp Payment Service WhatsApp pay launch is long awaited. facebook has been struggling to launch this publicly in India despite beta version. Recently, Money control has instructed the app company to go live as soon as possible.
Banking partners of this program:
As per report there will be three private sector lenders- ICICI bank, AXIS bank and HDFC bank. The state bank of India is not ready to collaborate them with the first phrase. While other banks are in the process of integration, the ICICI bank’s beta testing has started. WhatsApp spokesperson says “We are continuing work with the government so that we can provide access to payments on WhatsApp to all of our users. Payments on WhatsApp will accelerate digital payments and this is particularly important during covid as it is safer way to transact for our 400 Million users in India.”
Leaks and reports:
WhatsApp is working on their Payment Services since 2018. Now in the phenomenon situation they have decided to launch it for everyone. This might be very fruitful decision of the company as digital payments is setting new records day by day. Recently, a report from Techcrunch had noted, that facebook maybe targeting india’s lending market space with WhatsApp Pay after Amazon launched their pay later credit. The company has discussed with NPCI( National Payments Corporation Of India) to ensure its regulatory barriers are fulfilled.
Step takings for this program to come true:
Just like the known competitors- Paytm,Mobikwik-WhatsApp is moving towards the credit lending service. For this, it is filling documents with the local regulator in India. The service is going to available in India as well. The company earlier has declared that credit or loan providing is one of the main objects to be pursued in this country. But it is not revealing its financial services in the filling. Not only facebook is is moving, recently Amazon has launched their Pay Later services, followed by Flipkart. This is a excellent strategy to help customers to do shopping. And it also helps to exceed their spending limit. Amazon recently contacted with Capital Float to enable it’s pay later services. The service is not provided for everyone yet.
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