WhatsApp Pay Confirmed to Launch in India Later This Year - xiongbefornes

Facebook-owned WhatsApp will set in motion its match-to-peer, UPI-based payments service in India subsequently this year, the company's Global Head, Will Cathcart, announced in Modern Old Delhi along Thursday. "To boost digital inclusion in India, we can set up the (Pay) service across the country later this year later meeting regulations", Cathcart told the audience at an event.

The company had launched a mental test run of WhatsApp Pay with one million users in the nation last twelvemonth, but the final rollout got stuck in the extremity payments frame guidelines.

India's digital payments industry is estimated to hit $1 million by 2023, and according to a report away Omidyar Network and the Boston Consulting Group (BCG), nearly uncomplete of MSME (Micro, Small and Medium Enterprise) owners with annual business receipts between Rs. 3 lakh and Rs. 75 crore could potentially employ WhatsApp Payments once it is fully rolled out.

According to Prabhu Ram, the Caput of Industry News Group at CyberMedia Research, WhatsApp Pay would make up a vast opportunity for the MSMEs to get going digital. "Granted the popularity and reach of Whatsapp in India, it is a given that WhatsApp Pay will make a strong nick on the payments ecosystem, and the incumbents therein", he said. "WhatsApp Pay has the potential to take Paytm head on, and pelt along to the top of the payments market in India", Ram added.

WhatsApp presently has over 300 one thousand thousand users in India, with Facebook accounting for another 300 million. Erstwhile it starts peer-to-peer (P2P) UPI-settled Pay service, the vapourous Numbers are expected to remove it beyond Paytm, which last reported over 230 million users.

With inputs from IANS

Source: https://beebom.com/whatsapp-pay-india-launch-later-2019/

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