Facebook CEO Mark Zuckerberg said he was thrilled that WhatsApp has gotten confirmation to release its transaction service in India. WhatsApp will release its transactions service in India starting with 2 crore users, the country’s flagship transactions processor, giving WhatsApp an entry into a jam-packed digital transaction space. WhatsApp, which has over 40 crore users, which is the biggest market in the country, will compete with Google Pay, Softbank, Paytm, and PhonePe.
The CEO is excited nowadays that WhatsApp has been confirmed to introduce to present transactions across the country. Nowadays, users can send money to their friends and family via WhatsApp which is as easy as sending a message. There is no fee, and it is supported by more than one hundred forty banks. And as it is WhatsApp, it’s safe and private too. The CEO has been working on this with the NPCI, who oversee everything to make sure it is safe and trustworthy. And we’ve built it using the country’s UPI, which makes it easy for anyone to constantly accept transactions across different applications and for firms to deliver people with great facilities.
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The Menlo Park, California-based firm had for long been trying to obey Indian regulations, counting data storage standards that need all transaction-related information to be stored nearby.
Proclaiming the latest service in a blog post, WhatsApp has said that users must have a bank account and debit card in the country to use the feature. The app has teamed up with Axis, HDFC, ICICI, Jio Payments banks, and State Bank of India to facilitate the latest feature. The transaction system has enabled payments with over one hundred and sixty supported banks.
The NPCI has said that WhatsApp can expand its UPI user base in a graded style initiating with a supreme registered user base of 20 million.
The NPCI was set up in 2008 and it is an NPO company that counts over fifty banks as its shareholders, containing the SBI, Citibank, and HSBC.
Online payments, lending, and e-wallet services have been increasing rapidly in the country, led by a government push to make India’s cash-loving dealers and customers accept digital transactions.
UPI processed over 180 crore payments in September, up from over 160 crores the preceding month, as per the data on the NPCI’s website.