New Delhi: Facebook-owned WhatsApp is all set to launch its payment services in India and if everything goes right we can this feature in coming days.
WhatsApp has been planning to launch an in-chat payment system since November 2017 and a new report now suggests that we might finally see a widespread roll-out of the feature to happen next week.
WhatsApp has partnered with various banks like HDFC Bank, ICICI Bank and Axis Bank for transaction process. State Bank of India will also join once it has the necessary systems in place.
The ministry of electronics and information technology (MeitY) has asked National Payments Corporation of India (NPCI) about the security of WhatsApp Payments feature, which will soon roll out its full-fledged payment services using Unified Payments Interface (UPI) as its backbone.
According to reports, the ministry has voiced concerns about the data sharing policy of the global messaging company on how data will be shared with its parent-company, facebook. There are also concerns about how the payment data will be stored considering Reserve Bank of India (RBI) announced its data localisation policy on April 5, stating all payment service providers to store data on servers within India.
Soon after deciding that it was going to use UPI to allow peer-to-peer transactions within its 200 million strong user base, WhatsApp has sought permission from the National Payments Corporation of India (NPCI) to start working on the feature.
WhatsApp’s entry into digital payment segment is being compared with WeChat which has already reshaped payments in China and has become people’s necessity beyond messaging.
The company has more than 200 million users using its messaging service that’s equivalent to 60 percent of the US population and a daily active usage is about 20 times higher than Paytm’s.
In the new version ‘2.17.295’ through the Google Play Beta Programme, it says: “WhatsApp Payments: the immediate bank-to-bank transfer with UPI.”