WhatsApp acquires the OK to support payments in India

WhatsApp Pay has approval to operate in India. (Source: WhatsApp)

WhatsApp has secured approval to roll out a new facet of its service in India. It is a new payment platform that has just been approved by the relevant authories. This may help the Facebook-owned app compete effectively with others such as Google Pay/Tez and Paytm in the country.

Deirdre O Donnell, 02/10/2020

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WhatsApp Pay is a new digital transactions platform that has been in beta in India since 2019. The Facebook company had partnered with this country's ICICI Bank in order to deliver its new service, and had rolled it out to about a million users, as part of a trial run. Now, this has resulted in its final approval by the National Payments Corporation of India and the Reserve Bank of India.

Therefore, WhatsApp may now distribute its new initiative on a broader basis. It may prove extremely lucrative, as other companies that run similar payment functions have the potential to do big business in India. For example, Google Pay (or Tez, as it is known in this region) reportedly attracted over 240 million individual transactions in 1 month.

In addition, its current competitors PhonePe and Paytm facilitated approximately 230 and 200 million transactions respectively in the same time-frame. Therefore, this venture may prove worthwhile indeed for the already popular messaging app.

Source(s)

Business Standard

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Deirdre O'Donnell - Senior Tech Writer - 4704 articles published on Notebookcheck since 2018

I became a professional writer and editor shortly after graduation. My degrees are in biomedical sciences; however, they led to some experience in the biotech area, which convinced me of its potential to revolutionize our health, environment and lives in general. This developed into an all-consuming interest in more aspects of tech over time: I can never write enough on the latest electronics, gadgets and innovations. My other interests include imaging, astronomy, and streaming all the things. Oh, and coffee.

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WhatsApp acquires the OK to support payments in India

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