WhatsApp Pay: WhatsApp in talks with banks to scale up payments | India Business News – Times of India
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BENGALURU: WhatsApp global head Will Cathcart said the messaging platform was in talks with banks and financial institutions for a broader rollout of its payments services in India.
Last month, National Payments Corporation of India (NPCI) finally gave its nod to the Facebook-owned company to roll out payments services gradually to 20 million users here.
It was stuck in beta mode for two-and-a-half years and restricted to just 1 million users on the Unified Payments Interface (UPI). WhatsApp has 400 million monthly active users in India.
“We are partnering with banks and financial institutions so people can get help and services without entering a local branch. Even as WhatsApp has become a way for hundreds of millions of people in India to communicate, we feel we are just getting started,” Cathcart said in a virtual event.
WhatsApp Pay currently enables peer-to-peer payments only. It is expected to launch peer-to-merchant payments too.
Last month, National Payments Corporation of India (NPCI) finally gave its nod to the Facebook-owned company to roll out payments services gradually to 20 million users here.
It was stuck in beta mode for two-and-a-half years and restricted to just 1 million users on the Unified Payments Interface (UPI). WhatsApp has 400 million monthly active users in India.
“We are partnering with banks and financial institutions so people can get help and services without entering a local branch. Even as WhatsApp has become a way for hundreds of millions of people in India to communicate, we feel we are just getting started,” Cathcart said in a virtual event.
WhatsApp Pay currently enables peer-to-peer payments only. It is expected to launch peer-to-merchant payments too.
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