Whatsapp Payment Service- Everything you need to know about it
Whatsapp, one of the most used mobile phone messenger apps, is now about to launch its very own digital payment service. The service will be taking help of the UPI (Unified Payment Interface) system under which the users will be able to transact within some big banks. The Whatsapp Service is expected to be powered by 4 major banks in India as of now. They will each join the service in different weeks.
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The app will be launched soon in its initial phase under the guidelines of NPCI (National Payments Corporation of India). The National Payments Corporation has allowed the service to be launched as a pilot for some time engaging no more than 1 million people (restricting the complete launch for use by 200 million WhatsApp users in India). It is in this phase only that the Facebook-owned Whatsapp Company will be helped by 4 major Indian banks including Axis Bank, ICICI Bank, State Bank of India and HDFC Bank.
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Whatsapp being the most popular chat application in India, no doubt does prove to be a huge competition to other digital payments apps such as Paytm. It is probably this fear that led to the outburst of several top Paytm Chiefs like the CEO and Senior Vice President; who claimed that WhatsApp service using UPI is unfair, inoperable and a violation of the UPI System.
Whatsapp Payment Service will be launched in competition against already established apps like Paytm and Google Tez, and it is only a matter of time to find out which one takes the lead.