Facebook is to launch WhatsApp Pay in India says the company’s CEO, Mark Zuckerberg.
Despite a successful test of the payments service with one million users in the country. Regulations and data compliance issues and have kept WhatsApp Pay launch on delay.
Zuckerberg says, “We have test going in India. The test shows a lot of people are going to want to use this product. We’re very optimistic that we’re going to launch to everyone in India soon. But, of course, we will share more news when we have that.
The UPI-based WhatsApp Pay service will reach 400 million users especially the small and medium businesses (SMBs), to increase digital inclusion in the country.
The government and the Reserve Bank of India (RBI) has shown concern over some of the features of WhatsApp’s in complying with the regulations.
WhatsApp said earlier that it had built a local system to store payments-related data. To comply with RBI’s data localization requirement, but later RBI said WhatsApp’s Pay is yet to comply with its data localization norms.
It is necessary for WhatsApp to launch the payment service. As it is in direct competition with Walmart-owned PhonePe, Alphabet’s Google Pay, Amazon Pay, and Alibaba-backed Paytm. These companies are in a tough competition to dominate the digital payments industry in the country, which is estimated to hit $1 trillion by 2023.
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