WhatsApp gets approval to launch payments feature in India

CHENNAI (Reuters) - WhatsApp has received approval to roll out its payments service in India starting with 20 million users, the country's flagship payments processor said on Thursday, giving the Facebook-owned app an entry into a crowded digital payments space. WhatsApp, which has over 400 million users in India, its biggest market, will compete with Alphabet Inc's Google Pay, Softbank- and Alibaba-backed Paytm and Walmart's PhonePe

Reuters November 06, 2020 00:07:17 IST
WhatsApp gets approval to launch payments feature in India

WhatsApp gets approval to launch payments feature in India

CHENNAI (Reuters) - WhatsApp has received approval to roll out its payments service in India starting with 20 million users, the country's flagship payments processor said on Thursday, giving the Facebook-owned app an entry into a crowded digital payments space.

WhatsApp, which has over 400 million users in India, its biggest market, will compete with Alphabet Inc's Google Pay, Softbank- and Alibaba-backed Paytm and Walmart's PhonePe.

The Menlo Park, California-based firm had for long been trying to comply with Indian regulations, including data storage norms that require all payments-related data to be stored locally.

"WhatsApp can expand its Unified Payments Interface (UPI) user base in a graded manner starting with a maximum registered user base of 20 million," the National Payments Corporation of India (NPCI) said in a statement.

Set up in 2008, the NPCI is a not-for-profit company which counts over 50 banks as its shareholders, including the State Bank of India, Citibank and HSBC.

Online transactions, lending and e-wallet services have been growing rapidly in India, led by a government push to make the country's cash-loving merchants and consumers adopt digital payments.

UPI processed over 1.8 billion transactions in September, up from over 1.6 billion the previous month, according to data on the NPCI website.

(Reporting by Sudarshan Varadhan; Editing by Dan Grebler)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Asia stocks gain after vaccine hopes push Wall Street to record highs
Business

Asia stocks gain after vaccine hopes push Wall Street to record highs

By Chibuike Oguh NEW YORK (Reuters) - Asian stocks opened firmer on Tuesday after the S&P 500 and Dow Jones indexes hit record highs on news of another promising coronavirus vaccine, which supported hopes of a quicker economic recovery. Investor sentiment shot up after Moderna Inc said its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on interim late-state data.

Huawei selling Honor brand to consortium of agents and dealers to keep the unit alive
Business

Huawei selling Honor brand to consortium of agents and dealers to keep the unit alive

By David Kirton SHENZHEN, China (Reuters) - Huawei Technologies Co Ltd is selling its budget brand smartphone unit Honor to a consortium of over 30 agents and dealers in a bid to keep it alive, the company and the consortium said on Tuesday. The deal comes after U.S

Gold flat as concerns over rising virus cases offset vaccine optimism
Business

Gold flat as concerns over rising virus cases offset vaccine optimism

(Reuters) - Gold prices were little changed on Tuesday, as concerns over spiking U.S. coronavirus cases offset pressure from vaccine optimism brought about by a positive vaccine trial data.