WhatsApp is coming up with a Pay feature. The beta version has been available on beta for over two years. Now it will be out soon officially.
It might take out its payment services by the end of May, according to reports.
Earlier it was in the reports that The National Payments Corporation of India (NPCI) has granted its permission to WhatsApp.
Two bankers who were aware of WhatsApp’s next move, claims that the WhatsApp Pay will go live in India by the end of May.
It has collaborated with three top banks including ICICI Bank, Axis Bank, and HDFC Bank. Also, the report says that the State Bank Of India is not ready to roll out the product in the first phase.
MoneyConytrol quoted a WhatsApp
“We are continuing to work with the government so that we can provide access to payments on WhatsApp to all of our users.
Payments on WhatsApp will help accelerate digital payments and this is particularly important during Covid as it is a safer way to transact for our 400 million users in India,”.
“Currently, both SBI and WhatsApp Pay are working closely through the integration testing phase.
We are given to understand that there are some outstanding observations of CERT-In Audit report submitted by WhatsApp Pay for which they seem to have sought time till May 31, 2020, to comply with us fully,” he added
In 2018, they said that it would be made available for over one million users in India. It will be as part of beta testing.
The formal launch couldn’t take place because of the delay in approval by the NPCI.
Currently, UPI payments are having an upper hand in online pay. With coming up of this, things might change.
However, it might face some issues due to other competitor. For instance, Paytm, Google’s Google Pay app, Phone Pe and Mobiwik etc. Google Pay is the widely used payment app in India followed by Paytm.
Lets see what distinct features whatsapp brings along to standout.