Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
Tech
Powered by cricketnext logo
News18 » Tech
2-min read

WhatsApp Pay to Launch Soon in India: Facebook CEO Mark Zuckerberg

WhatsApp Pay will be a UPI-based payment service, pending RBI approval, that will especially help small and medium businesses with digital transactions.

IANS

Updated:October 31, 2019, 1:29 PM IST
facebookTwitter Pocket whatsapp
WhatsApp Pay to Launch Soon in India: Facebook CEO Mark Zuckerberg
Facebook CEO Mark Zuckerberg (Image for Representation)

Facebook is inching closer to launch much-anticipated WhatsApp Pay in India and will soon have positive news to share, the company's CEO Mark Zuckerberg has said. Data compliance issues and regulations have kept WhatsApp Pay launch in abeyance for quite some time, despite a successful test run of the payments service with one million users in the country. "We have our test going on in India. The test really shows that a lot of people are going to want to use this product. We're very optimistic that we're going to be able to launch to everyone in India soon, but of course will share more news when we have that," Zuckerberg told analysts on an earnings call on October 30.

The peer-to-peer, UPI-based WhatsApp Pay service will reach over 400 million users, especially the small and medium businesses (SMBs), to boost digital inclusion in the country. The government and the Reserve Bank of India (RBI) have expressed concerns over some of WhatsApp's features in complying with the regulations. WhatsApp had earlier said it had built a local system to store payments-related data to comply with the RBI's data localisation requirement, but later in an affidavit submitted to the Supreme Court, the RBI said WhatsApp's Pay is yet to comply with its data localisation norms.

"We differentiate between payment systems that are built on top of the existing financial infrastructure like what we're trying to do with WhatsApp payments or when we make payments in Instagram Shopping, and our work with something like Libra that is trying to build some new technological infrastructure for financial services," Zuckerberg elaborated. Telecom Minister Ravi Shankar Prasad has said if WhatsApp meets the regulatory norms from RBI and National Payments Corporation of India (NPCI), then it should be allowed to start digital payment operations in the country.

It is nearly a necessity for WhatsApp to launch the payment service as it is in direct competition with giants like Alphabet's Google Pay, Walmart-owned PhonePe, Amazon Pay and Alibaba-backed Paytm. These companies are in fierce competition to dominate the digital payments industry in the country which is estimated to hit $1 trillion by 2023. According to a report by Omidyar Network and the Boston Consulting Group (BCG), nearly half of MSME owners with annual business revenue between Rs 3 lakh and Rs 75 crore would use WhatsApp Payments once it is fully rolled out.

During the earnings call, Dave Wehner, Chief Financial Officer at Facebook, said daily active users reached 1.62 billion, up 9 per cent compared to last year, led by growth in India, Indonesia and the Philippines. "This represents approximately 66 per cent of the 2.45 billion monthly active users in September," Wehner informed.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Chhavianshika Singh
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results