Since 2018 – Facebook’s Whatsapp is getting ready to play in financial tech. platform in India once it gets approval from RBI.
It has already filed the required norms for NPCI (National Payment Corporation of India). Amid the ongoing COVID Pandemic has put the game in halt. but not anymore Supreme court is going to clear Whatsapp Compilation and permit the license to their Operation after years of rumors and pending requests.
Currently, Whatsapp has over 500 million users in India alone, which is larger than any other country. So, this massive base will boost Facebook’s child company to dominate fintech. in India. Soon Paytm, Phonepe and other firms related to this sector might be facing this intense rivalry.
While there’s another emerging player Amazon Pay is hitting the road but it seems to Everyone is beast until the real beast arrives. Whatsapp Pay has a long way to come along.
Well, what it differs from others?.currently they don’t schedule anything about full services what they’re gonna offer but here are some, Whatsapp has already tied-up with banks such as ICICI & HDFC to facilitate users to checking balance, applying loans/Credit card and Insurance.
It’s predominant target maybe is reaching India’s rural areas for micro & small enterprises as it will generate significant revenue and influence urban areas or metropolitan cities.
Whether it’s cleared or not but from the coming reports, Facebook has hired former PayPal Executive to lead Whatsapp Pay operations. And Facebook Inc. hasn’t confirmed yet about it. this initiative will boost its mission on Libra Cryptocurrency (A Facebook Project). Once Whatsapp Pay is released, it will garner more than 200 million users on UPI transactions. this will make India more transparent on its motto Digital India.
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