Facebook-owned WhatsApp is launching a payment service in India from Friday. WhatsApp has given this information in a blog post. The service is being launched after getting permission from the country's top payment processing regulators. A report by the news agency Reuters has given this information.
India is the largest market for WhatsApp. There are more than 400 million Facebook users in the country. WhatsApp has been experimenting with limited payments for two years. The company has been waiting for approval from regulators for so long.
WhatsApp has entered into agreements with five banks in India, including State Bank of India and Geo Payments Bank.
The National Payments Corporation of India (NPCI) said on Thursday that 20 million people would initially get WhatsApp payment services. All payment providers in India can use NPCI's UPI framework to transfer money, pay bills or recharge phones.
In India, WhatsApp will have to compete with Google, PhonePay, Paytm.
Earlier this year, Facebook bought 9.99 per cent stake in India's Reliance Digital for 5.6 billion.
No comments:
Post a Comment