For Quick Alerts
For Daily Alerts

WhatsApp Pay Receives NPCI Approval For India Launch: Report

By Staff

According to a news report, Facebook Inc has received permission on Thursday from the National Payments Corporation of India (NPCI) to launch WhatsApp Pay services in India.

"The National Payments Corporation of India (NPCI) has granted WhatsApp permission to operate its digital payment service in a phased manner," said an unnamed RBI executive to Business Standard on Friday.

WhatsApp Pay Receives NPCI Approval For India Launch: Report

NPCI's approval comes after permission from the Reserve Bank of India (RBI), the report said.

WhatsApp has assured that it shall comply with the data localisation norms, an aspect that has delayed the launch of the payments service for two years.

WhatsApp Pay will be offered to 10 million users in India in its first phase of launch in the country, the report said. It was first introduced in February 2018, as part of its trial run in India, in partnership with ICICI Bank, but failed to rollout due to regulatory blocks.

While the delay in launch may have put WhatsApp at a disadvantage to the already established UPI customer base, its complete rollout could potentially make it the largest UPI services provider, considering its active user base for the instant messaging platform.

It will be competing with the existing major players like Google Pay, Paytm, PhonePe and Amazon Pay.

Read more about: whatsapp npci facebook
Story first published: Friday, February 7, 2020, 13:22 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more