Facebook-owned WhatsApp on Friday has finally rolled out the WhatsApp pay feature in India. The company announced that the WhatsApp pay feature will be available in the country from Friday.
WhatsApp launched this new feature with an aim to make money transferring as easy as sending messages on the app. The company was struggling for years to win a permit to operate this service in India.
WhatsApp has been testing WhatsApp payments since early 2018. The company has designed this payment feature in partnership with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI).
What did WhatsApp say?
WhatsApp wrote in a blog, “Starting today, people across India will be able to send money through WhatsApp. This secure payment experience makes transferring money just as easy as sending a message. People can safely send money to a family member or share the cost of goods from a distance without having to exchange cash in person or going to a local bank.”
Talking about this new feature the owner of the company Mark Zuckerberg posted a video saying: “Now you can easily send money to your friends and family, just as easily as sending a message. There’s no fee and it’s supported by more than 140 banks.”
India: A crowded market
In India, WhatsApp pay is not the only one online payment facility for the people but this genre is crowded by many domestic and foreign companies including Amazon.com Inc.’s Amazon Pay, Google Pay, Paytm, Walmart Inc.’s PhonePe, and many of the other budding startups.
However, one can’t deny the fact that WhatsApp has an enormous user base of more than 400 million in the country, and this number is expected to increase to $1 trillion by 2023. This will provide a unique advantage in terms of reach to the company.