WhatsApp Pay will soon be rolled out officially. As per the latest developments, the WhatsApp might roll out its payment services by the end of May. Earlier, it was being reported that The National Payments Corporation of India (NPCI) has reportedly granted its permission to WhatsApp to formally start its payments services in India albeit in a phased manner.
A report by Money Control citing two bankers who were aware of WhatsApp’s next move, claims that the WhatsApp Pay will go live in India by the end of May. The Facebook-owned messaging app has collaborated with three top banks including ICICI Bank, Axis Bank, and HDFC Bank. The report states that the State Bank Of India is not ready to roll out the product in the first phase.
“We are continuing to work with the government so that we can provide access to payments on WhatsApp to all of our users. Payments on WhatsApp will help accelerate digital payments and this is particularly important during Covid as it is a safer way to transact for our 400 million users in India,” MoneyConytrol quoted a WhatsApp spokesperson as saying.
“Currently, both SBI and WhatsApp Pay are working closely through the integration testing phase. We are given to understand that there are some outstanding observations of CERT-In Audit report submitted by WhatsApp Pay for which they seem to have sought time till May 31, 2020, to comply with us fully,” he added
In 2018, the Facebook-backed messaging app first announced that they will roll out WhatsApp Pay for over one million users in India as part of beta testing. However, the formal launch couldn’t take place because of the delay in approval by the NPCI. The government and the RBI were apprehensive of granting the permission to WhatsApp initially due to some of its features and vulnerabilities that were discovered in WhatsApp recently.
While there are already a plethora of UPI Payment services available in India, WhatsApp might get an upper hand owing to its 400 million user base in the country. However, it might not have a smooth sail as Ali Baba backed Paytm, Google’s Google Pay app, Phone Pe and Mobiwik are pretty sought after currently in India. Google Pay is the widely used payment app in India followed by Paytm.
The payments app have become quite popular in India and now every small vendor across the country accepts digital payments. It would be interesting to note what new features WhatsApp Pay brings along.