WhatsApp Pay, the proposed payment service of Facebook-owned messaging service WhatsApp, has received the regulatory approval. Apart from this, the company can start this service in the country in a phased manner. The same WhatsApp has been running this payment service on a pilot basis for almost two years. According to the same English newspaper 'Business Standard' report, the National Payment Corporation of India (NPCI) on Thursday approved WhatsApp to launch a payment service in the country. According to sources, in the first phase, WhatsApp can start this service for 10 million users.
RBI approval has also been received
Now WhatsApp Pay has received the approval of both RBI and NPCI. The report quoted sources as saying that WhatsApp has assured the RBI and NPCI that it will follow the rules related to data localization. The same sources said, "If the messaging is successful in fulfilling the regulatory conditions then the messaging app can start its service completely." It is expected that its share of India's payment market will be very high. Mark Zuckerberg's company considers India as its largest market. The company has more than 400 million users in the country.
WhatsApp Pay based on UPI
WhatsApp's user base is very large, so it has been allowed to start its payment service in a phased manner. WhatsApp Pay can work on the lines of UPI. Bank account holders in the UPI system can send money to another person's bank account without their net banking ID or password. In the current scenario, Google Pay is one of the most used UPI app in India. BHIM, developed by Walmart-owned PhonePe, Paytm and NPCI, are also major UPI platforms.
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