WhatsApp Pay will launch in India soon says Facebook CEO Mark Zuckerberg
Facebook is preparing to launch WhatsApp Pay, the payments service that the company has been testing in India for a long time. While data and regulatory norms have delayed its launch in the country, company CEO Mark Zuckerberg says that it will soon share positive news about the service’s launch.
WhatsApp Pay is a peer-to-peer and UPI-based payment service that will allow users to send money within the instant messaging app. Users will be able to connect their UPI accounts to WhatsApp and then make transactions with other users onboard the service. If launched, it could potentially reach over 400 million WhatsApp users in India.
According to an IANS report, Zuckerberg told analysts on an earnings call that the service is being tested currently and it could be launched in India soon. However, he didn’t give any sort of a timeline for launch, saying that more details will be shared soon.
WhatsApp Pay has faced a few issues with getting the right approvals to launch in India. Its data compliance practices were being audited by a third-party since the Reserve Bank of India (RBI) wanted all the data from the service to be stored within the country. The RBI said that WhatsApp Pay hasn’t complied with the data localisation norms yet, according to the report.
Only after the service receives a nod from the RBI and the National Payments Corporation of India (NPCI), WhatsApp Pay will be allowed to launch in India, said telecom minister Ravi Shankar Prasad.
It was earlier reported that the service could be launching in India by the end of this year.
Facebook India’s vice president and managing director Ajit Mohan believes that the launch of WhatsApp Payments in the country would be the “biggest disruptor movement and lead to financial inclusion.”