WhatsApp has introduced its free payment service in India and will soon become the world’s most popular messaging application super app.
The Facebook-owned company said in a blog post that the service will allow people to send money to loved ones or pay for things remotely, without having to go in person or visit a local bank. There will be no need.
The blog stated that this secure payment service will make transferring funds as easy as sending a message.
WhatsApp started testing the digital payment service in India in 2018 with a limited number of users and has since been awaiting regulatory approval to introduce it.
Now WhatsApp has got this approval and the service is being rolled out to 2 crore users initially.
The service will allow people to connect their bank accounts within the app and send money to others.
According to the company, the service will be available in the latest versions of iOS and Android and is based on the UPI infrastructure, developed by some of India’s largest banks.
This service has moved WhatsApp closer to its goal of becoming a super app, especially in India, where it has over 400 million users.
Earlier, WhatsApp introduced its payment service in Brazil but it was suspended very soon.
The service was introduced there in June, but a few days later Brazil’s central bank suspended WhatsApp payments in the country.
The purpose of the bank’s suspension of the feature is to preserve a fair competitive environment, which will ensure that the payment system is fast, secure, transparent, cheap, interchangeable and open.
After India, Brazil has the highest number of WhatsApp users.
According to Facebook, this feature will gradually be available to all users.
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2024-07-14 07:44:00
