The app looks to offer multiple financial services to its users in India
WhatsApp Pay is now live in India. In partnership with HDFC Bank, State Bank of India, Axis Bank and ICICI Bank, the app will now offer payment services to its users.
This comes as the National Payments Corporation, UPI operator, and India’s payment processor, allows the app to launch the payment services. Currently, India is the largest market for WhatsApp. The app will now offer Unified Payments Interface based payments.
Through UPI, the move will bring financial as well as digital benefits to users.
Currently, NCPI has maintained a 20 million users cap on WhatsApp payments. However, this will soon be eased. There are 400 million WhatsApp users in India.
WhatsApp will start on the payments services and look into larger financial services later on.
We’ve reported that household savings have declined due to the coronavirus pandemic in India.