The National Payments Corporation of India (NPCI) granted approval to expand the WhatsApp payment features in India in a graded manner with 20 million users initially, on Thursday. WhatsApp on Friday, November 06, 2020, launched its payment services all around India. It is rolling out payments in ten Indian local languages.
And also operational in the latest stable version of the WhatsApp app on Android and iOS. As WhatsApp is an in-chat messaging software/app is now available for users. WhatsApp Pay is an easy to use Unified Payment Interface (UPI) feature inside the messenger. A payment infrastructure built by a coalition of large banks in India, to send and receive money. It allows them to send and receive money to their contacts while chatting to others. WhatsApp pay secures the payment experience and makes the transferring process of money just as easy as sending a message.
However, people can safely send money to a family member. They can also share the cost of goods from a distance without having to exchange cash in person or going to a local bank. The advancement in the transaction will increase the ease and use of digital payments, which is helping to develop financial inclusion in India. Additionally, WhatsApp payments are designed with a strong set of security and privacy principles. It is mandatory to enter a personal UPI PIN for each payment.
WhatsApp Pay is expected to compete with its competitors like Google and Walmart, currently, dominate the mobile payments market. Both together commanding roughly 80% of the UPI market share. UPI’s popularity has reduced the relevance of several firms in India like SoftBank and Alibaba-backed Paytm that spent years building mobile wallets. However, mobile wallets are not interoperable with other mobile wallets and levy a small fee to consumers.
How to use WhatsApp Pay in India?
Sending money through WhatsApp is quite easy. Now, one can do just tapping on the share file icon in the chat window. The “payment” option will be appeared in the share file menu, with other sharing options. By using this option, the users can send money to their contacts. Here is the payment window opens by following the first option.
In this UPI method, one doesn’t need to provide bank account details like account number and IFSC code for transactions. The QR code helps to send money, to those who are not on your contact.
There should be a functional bank account and a debit card in one of the 160 banks participating in UPI banks in India. It will be allowed to use the payments service, but as of now, NPCI has restricted the user base to 20 million out of WhatsApp’s over 400 million. However, WhatsApp is a non-banking payment service provider, it has tied up with five banks in India to enable the service.
The banks are ICICI Bank, HDFC Bank, Axis Bank, State Bank of India, and Jio Payments Bank. Such a combination of WhatsApp and UPI’s unique architecture and partnership can help the local organizations address some of the current key challenges. It widely includes increasing rural participation in the digital economy and delivering financial services to classes of society.
The WhatsApp Pay feature was initially launched in India in 2018 but it was delayed due to the absence of regulatory approvals by the authorities. However, they raised data security concerns. While WhatsApp has been cleared of those concerns. Industry veterans are anticipating that this payment service is more popular than any other smartphone app in the country.
While WhatsApp has already suffered too much, because of regulatory troubles in India. It’s the biggest market in India by users. But NPCI’s plan to enforce a limit on other apps should help WhatsApp in some way eventually — though a return to bite again later. It is seeming to be much faster adoption than its rivals as all its potential users are already using it for chatting with friends.
Mark Zuckerberg Facebook’s CEO thanked all the people who made WhatsApp Pay possible in India and added that India has unlocked a world of chances for micro-businesses by creating the UPI a payment infrastructure”.
In his video posted on Friday, Mark Zuckerberg, chief executive of Facebook, said, “With UPI, India has created something rightly special and is opening up a world of prospects for micro and small businesses that are the strength of the Indian economy. India is the foremost country to do anything like this.
I’m glad, we were able to upkeep this effort and work together to help and achieve a more digital India. I want to thank all partners who’ve made this possible. Access to financial tools for easy transactions, make people more empowered to support themselves. It gives them the confidence to start a new business. We need more innovation that gives people control over their money, and making payments easier is a small step that can really help them”.
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