WhatsApp has successfully provided a messaging service for a very long time. Now WhatsApp is going to update its service by taking on UPI-based digital payment like rivals PhonePe, Google Pay, Amazon Pay, Alibaba-backed Paytm, and Walmart-Flipkart’s PhonePe. WhatsApp will start the “WhatsApp Pay” digital payment sector based on UPI.
As per the report by Business Standard, it says that Facebook is hoping to get the Reserve Bank of India (RBI) data localization standard. As the Company willing to get permission to start the WhatsApp Pay soon, as today’s world is almost digital.
WhatsApp Pay is a delay to launch because of the RBI guidelines compliance and Unified Payment Interface (UPI) regulator norms. It also hoped for the data localization under RBI rules.
Abhijit Bose (WhatsApp India Operations Head)
The head of WhatsApp India said in his report about WhatsApp Pay service. “We will quick to launch WhatsApp Pay in the nation and government work of this service will be continuing as it will work connected with nearby banks and different foundations to comprehend their necessities, advancement, and offer budgetary types of services. It will also grow the strengthening over the financial range,”
The main focus on launching WhatsApp Pay is to probably help to make installment as simple as communicating something specific. He also said that the payment application would be liberated from cost to the clients, as users are getting from other UPI-based digital payment apps. So it is confirmed that whenever WhatsApp Pay will launch its users will get free app download.
If we compared WhatsApp users with other dominance apps that have 40 percent market share like Google Pay or PhonePe then WhatsApp has over 400 million users in India out of the 177.8 million are daily active users. According to this data, we can imagine that when WhatsApp Pay launch then there is a chance that can cover more market share in the digital payment sector.
A different zone where WhatsApp has influence is in the web-based business. Facebook’s tie-up with Jio Store, Jio’s web-based business arm that was dispatch a couple of months back, is key in WhatsApp going about as a connection between the purchasers and vendors on the stage. There could be a possibility for the client to book, request, and pay for the buys without having to leave the application.