A new report regarding the most anticipated WhatsApp Pay has come out, which revealed that this payment service platform is all set to go live in between this month, most probably by the end of May.
WhatsApp Pay in India
At present, the WhatsApp Pay is under beta testing and in the beginning it will be launched having partnership with only total three private banks, and those are: Axis Bank, HDFC Bank, and ICICI Bank. The most popular public sector bank i.e., State Bank of India (SBI) is also going to join at a future phase of stage. So far, WhatsApp Pay only lets the transactions which are mainly based on Unified Payments Interface or commonly known as UPI, through ICICI Bank.
On the other hand, the popular four banks such as Axis Bank, HDFC Bank, ICICI Bank, as well as SBI, are likely to be in the course of participating with WhatsApp, a report from Moneycontrol.com stated, quoting a couple of bankers conversant with the on-going development. Though, this Facebook owned messaging app is likely to start the public rollout of its services payments in the nation with total number of three former private financial lenders.
Right now in India, Google Pay as well as Truecaller is considered to be among the foremost online platforms that allows transactions through several banks at the on-going present stage. It is quite interesting that by now Google Pay has already been associated with Axis Bank, HDFC Bank, ICICI, and SBI for enabling the UPI-based transactions.
Also, in the recent announcement from National Payments Corporation of India (NPCI) has made it obligatory for the large digital platforms providing UPI-based payments services in order to choose for a multi-bank model for avoiding any postponement in the transactions.
These kinds of model are also considered to be quite helpful if in case one bank is facing problems in letting the payments. The disadvantages of having a single-bank model were seen for the duration of the suspension of Yes Bank previously this year that stopped the conducts of major platforms like PhonePe and Swiggy for a limited period of time.
As of now, WhatsApp Pay is coming with a huge expectation as it is likely to be a big achievement for the company bearing in mind about the number of consumers in India. WhatsApp Pay will be increasing or heightening the digital payments market of the country is also going to give firm competition to other current well-known players such as Google Pay and Paytm.
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