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WhatsApp Pay Launching soon in India : Approved From NPCI

WhatsApp is the most popular global mobile messenger app in the world. WhatsApp also recently became one of the apps to reach five billion downloads. Most applications to succeed in the landmark are pre-installed Google apps that come bundled with Android.

Facebook is functioning on building the technology infrastructure to show its private messaging apps, WhatsApp and Messenger, into private social platforms where users can hang around and have interaction with businesses. “One example that we've been performing on is WhatsApp Payments where you are going to be ready to send money as quickly and simply as sending a photograph,” said Mark Zuckerberg, while talking about the expansion of commerce and payments on private messaging apps.

WhatsApp has about 400 million users in India. A lot of WhatsApp new features like WhatsApp Pay, Dark Mode, Hide Muted Status and Self-destructing messages are set to be added in the upcoming WhatsApp Update in 2020. WhatsApp’s payment feature, called WhatsApp Pay, is designed to run on the Unified Payments Interface (UPI) developed by the National Payments Corporation of India (NPCI) which allows users to pay or do business transactions through their bank accounts. It ensures a quick and swift transfer of cash without having to store balance during a wallet.

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 In 2018, the Facebook messaging app stated that they are offering WhatsApp Pay to a minimum of a million users in India of beta testing. It had been fairly difficult for WhatsApp Pay to urge approval from the NPCI thanks to data compliance issues that its parent company Facebook must address. The most recent vulnerabilities that were discovered in WhatsApp also added to the reasons for the delay in approval by the RBI and thus the govt.

According to a report by the Times of India, the apex bank has told the SC that WhatsApp Pay cannot be deployed in India because it doesn't fully suit India's data localization norms. RBI also told the apex court that it had directed National Payments Corporation of India (NPCI), the organization that appears into the retail payments within the country, to not allow the entire scale deployment of the service within the country.

Separately, the RBI asked the NPCI to form sure that WhatsApp's payment service is fully compliant with India's data localization norms before the company is permitted to roll out the service across the country. According to a letter to the NPCI, RBI asked the organization to form sure that WhatsApp stores all its payments-related data, altogether forms, within the country. 

Now WhatsApp Pay goes to be finally available to Indian users as Facebook possesses a nod from the National Payments Corporation of India (NPCI) for launching the payment app in India. The rollout will allow the messaging app to grow its payment services using the government's UPI scheme. "The National Payments Corporation of India (NPCI) has granted WhatsApp permission to work its digital payment service during a phased manner. The NPCI approval came days after RBI’s signal.

In the first phase of the rollout, the WhatsApp Pay is becoming to be made available to over 10 million people through the messaging app. Post the successful launch, WhatsApp Pay is probably going to become one among the foremost important mobile payments apps in India considering the messaging app has over 450 million users within the country.

Earlier, Facebook CEO Mark Zuckerburg had revealed that the WhatsApp Pay goes to be unrolled in several countries like Brazil, Mexico, and Indonesia to call a couple of.

WhatsApp Pay will however not have a smooth sail in India as there are a myriad of payments app already within the market. It'll lock certain tough competition with the Ali Baba backed Paytm, Google’s Google Pay app, Phone-Pe, and Mobikwik among others. Google Pay currently is that the foremost used payment app in India followed by Paytm. Notably, the WhatsApp Pay launch might affect the companies of those apps that are dominating the digital payment space in India.

The payments app like Paytm, Phone-Pe and even Google Pay isn't merely used for transferring money or making payments. These apps also accompany features that allow users to book movies, train, plane tickets, recharge their metro cards, DTH, etc. Some apps also allow users to transfer money on to their bank accounts. It would be interesting to work out what services the WhatsApp Pay will provide to its users.

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