WhatsApp Pay (Photo Credit: News Nation/Abhilasha Kishore )
The social-media giant Facebook has mananged to get permission from National Payments Corporation of India (NPCI) for rolling out WhatsApp Pay in India.
Mark-Zuckerberg's company has been trying to launch this feature in India for two years. According to some sources, the new feature will be introduced in a phased manner. NPCI has granted Chat-service app 'WhatsApp' a licence to operate its digital payment services in phased manner, a RBI executive told Business Standard. This feature was supposed to launch two years ago with SBI, ICICI and HDFC Bank.
The new feature of WhatsApp can shake up market dominated by three private services such as PayTM, Google Pay and PhonePe.
Facebook CEO Zuckerberg revealed recently that peer-to-peer (P2P) payment service would be launched in many countries in next six months. He also said that WhatsApp Payment will be part of Facebook Pay. However it's unclear if he meant it for India too as Facebook Pay isn't introduced in India.
Some features of 'WhatsApp Pay' -
1. WhatsApp in-chat payment service will allow people to make payment to anyone from the 'WhatsApp contact list'.
2. Customers will get send and receive option.
3. The payment system to be work on UPI (Unified Payments Interface) method. In this system you can transfer fund without providing bank details such as account number and IFSC code.
4. UPI interface permits users to make instant fund transfer through a virtual address and can be done 24/7 hours.