Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
WhatsApp Pay has been in testing in India for some time now and was unable to exit the testing phase due to data compliance and regulatory compliance issues. However, this will change soon, as Facebook CEO Mark Zuckerberg says that WhatsApp Pay will soon be available to all users in India.
“We have our test going in India. The test really shows that a lot of people are going to want to use this product. We’re very optimistic that we’re going to be able to launch to everyone in India soon, but of course will share more news when we have that,” Zuckerberg told analysts in an earnings call on Wednesday.
The Indian government has made it clear that Indian financial data must be stored ashore. Although the data must be sent offshore for processing, but it must be returned to Indian servers and no data may be stored outside the country. Because of this compliance, the government and RBI had expressed concerns that WhatsApp Pay did not meet these requirements. Even Vijay Sharma, CEO of Alibaba-backed Paytm, expressed concern that WhatsApp did not pursue two-factor authentication, which was followed by other payment applications such as Paytm and Google Pay (Now known as Tez).
However, since Zuckerberg is “optimistic” about its launch in India, WhatsApp finally seems to comply with the provisions of the Reserve Bank of India (RBI) and the National Payments Corporation of India (NCPI). Otherwise, it could come to a huge loss of the trillion dollar market by 2023. Currently, Alphabet, which is sponsored by Google Pay, Alibaba, Walmart’s PhonePe and Amazon Pay companies, are involved in fierce competition to take home a larger portion of the pie. WhatsApp already has over 400 million users in India, which means users do not have to switch to coal to get their WhatsApp Pay service up and running with UPI support.
UPI exceeded the milestone of 1 billion transactions in September, with Google Pay, Paytm and PhonePe sharing 90% of the market share. NPCI, which operates the UPI platform, is now planning to take it globally by facilitating its acceptance in Singapore and the United Arab Emirates.
For more News and Information on Technology, Subscribe Our NewsLetter and Keep Visiting This Site.
Also Read – Why WhatsApp Sued Israeli Firm?