Facebook instant messaging app WhatsApp can launch its WhatsApp Pay service soon in India. According to a recently reported report, the new payment service can be launched by the end of May. According to a Moneycontrol report, WhatsApp has joined hands with three private banks, ICICI Bank, HDFC Bank and Axis Bank, for payment service.
The report also mentions that State Bank of India (SBI) will not be added in the first phase. The National Payments Corporation of India, or NPCI, had recently announced that the UPI based payment service with several banks has been made mandatory for large digital platforms.
TrueColor and Google Pay currently offer the option of transacting through multiple banks. It is worth noting that Google Pay already has HDFC Bank, ICICI Bank, Axis Bank and SBI Bank which help in making UPI based payments.
Recall that in 2018, WhatsApp started testing its WhatsApp Pay feature in association with ICICI Bank. But WhatsApp’s payment service faced many hurdles.
WhatsApp Pay will compete with Amazon Pay (Amazon Pay), Phone Pay (PhonePe), Paytm, Google Pay, etc. in the market. Let us know that at present, the company has not made any official announcement regarding WhatsApp Pay.