- WhatsApp Pay service expected to launch officially by the end of this month
- The payments service will reportedly be backed by HDFC, ICICI, and Axis Bank
WhatsApp Pay may finally launch in India for everyone later this month. As per a report by Moneycontrol citing two bankers aware of the development, the UPI-based payment service from WhatsApp will roll out for all users by May-end. This development comes after WhatsApp’s parent company Facebook received the approval from the Nation Payments Corporation of India (NPCI) to launch WhatsApp Pay in India. The WhatsApp payment service is backed by as many as four banks. “While three private-sector lenders – ICICI Bank, Axis Bank, and HDFC Bank – are ready to roll out the product, State Bank of India is not going to go live in the first phase,” added the report.
WhatsApp Pay was initially launched a couple of years ago to a limited number of people on a trial bases. The UPI payment option is integrated within the messaging service, so users can make payments to friends or retailers without leaving the app. The service will be competing with Google Pay, PhonePe, Paytm, which also offer similar services. “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,” WhatsApp spokesperson told Moneycontrol.
“Currently, both SBI and Whtsapp 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 31st May 2020 to comply with fully,” the report further added.