As compared to other countries, WhatsApp has a huge userbase in India. It has approx 400 million daily active users. WhatsApp payment service will roll out in India this year following a year. Facebook is still in the process of getting regulatory approvals for the stable release of WhatsApp payment service in India.
As per data concern, The Menlo Park, California-based firm has also been trying to comply with Indian regulations. Including information storage norms that need all payments-related information to be hold on domestically. WhatsApp that has four hundred million users in India has around one million users testing its payments service.
In May this year, the messaging app had told the Supreme Court that it’s trial run is likely to be completed by July and that Whatsapp will not launch payments services while not totally obliging with the financial organization norms.
WhatsApp Pay is as easy as send photos and videos on the app. Users will send money directly through chat by clicking on the share file icon within the chat bar and choosing ‘payment’. There’s a ‘Payments’ section available under the shortcut menu. Users will check their transactions history and account details here.
During the initial beta testing phase, WhatsApp Pay allows users to send money only to their contacts after which it enabled UPI ID. WhatsApp Pay users may enter the UPI ID and send cash. Later in March WhatsApp introduce QR code for its payments service. Each WhatsApp Pay user contains a distinctive QR code that users will scan and send money.