Back in February 2018, In India, Whatsapp pay was introduced to users as a trial. Then, In 2019, RBI asked NPCI to ensure WhatsApp pay fulfills all the data localization norms of the country. Now, after a year later, NPCI gives WhatsApp the green light to roll out its payment service called WhatsApp Pay in India in a phased manner.
Once NPCI gets assured of WhatsApp following all the compliances, the company will then be able to do a full rollout. However, this first phase rollout is going to make WhatsApp Pay available to 10 million users in India.
Today, In a talk with Business Standard, one of the RBI executives reveals this information. However, he requested not to disclouse his name in public.
WhatsApp has around 400 million Indian users using it, and once the company complete the full rollout of its payment service, it is going to be the largest payment provider in Indian Market.
Talking about the other major payment providers in India includes names like Alphabet-owned Google Pay, Walmart Owned-Phone Pe, Alibaba-backed Paytm, and Amazon Pay. Now, if Facebook gets Permission to do a complete rollout of WhatsApp, it will leave all the names mentioned above behind in the digital payment league in India.
Source: Business Standard