WhatsApp Pay: Mobile payments are an increasingly popular aspect to accept payments from one individual to another. The main reason is they’re secure, fast, and convenient. When you are in need to transfer money to your friend, relative, roommate, or anyone else for anything ranging from splitting a restaurant check to your share of a bachelor party, these payment apps have always shown a commendable result.
After WhatsApp Pay: Now More than a Messaging App
People all over the world use WhatsApp to stay in touch with their loved ones, friends, and family. This application was launched in 2009. WhatsApp turns into a platform to not only connect billions of global relationships but also to grow trades. Over the years, small businesses with a strong presence on social media channels like Facebook and Instagram started developing one single touchpoint – WhatsApp, for all business-related queries, inquiries and other things.
WhatsApp, which is one of the most popular messaging app having its 400 million users in India has planned to launch its payment application to counter the market of Google Pay and Paytm and other payment application. WhatsApp Global Head Will Cathcart said the company’s vision is to make sending money as easy as sending a message on the platform. On a recent event, he said that “We believe that if we get this right, it will accelerate financial inclusion and bring value for people in India’s fast-growing digital economy, we can’t wait to provide the service more of our users all across India later this year.”
Latest Update on WhatsApp Pay Payment System
In October last year, the company had claimed that it has developed a system to store payments-related data in India as part of compliance with the Reserve Bank of India’s policy on storing such data locally.
WhatspApp Pay Rollout in India
The messaging application has approached HDFC Bank, ICICI Bank and Axis Bank as a partner bank to process the transfers. On the other hand, State Bank of India will join, once the company puts necessary systems in its Beta Version. In May this year, the messaging app had told the Supreme Court that it’s trial run is likely to be completed by July and that it will not launch payments services without fully complying with the central bank norms.
In the past, its Indian rival companies like Paytm have alleged that WhatsApp’s payment platform has security risks for
Can we trust on WhatsApp Pay Payment Services?
consumers and is not in compliance with the guidelines. In May this year, WhatsApp had reported to the Apex Court that the trial run of this payment app is likely to be completed by July, and also given assurance that it will not launch payments services without fully complying with the central bank norms. Hope this messaging app will come up with a better output to all of its users and emerge itself as a better application for financial payments in future.