WhatsApp Pay finally gets regulatory approval to expand to 20 million users in India
New Delhi | Jagran Business News: After a wait of over two years, Facebook-owned popular instant messaging app WhatsApp has finally got the necessary regulatory approval to launch roll out its payment services in India on Unified Payments Interface (UPI). WhatsApp Pay was stuck in beta mode for more than two years and was restricted to just one million users. However, the messaging app has now been granted permission to launch on UPI in a graded manner and allowed to expand to 20 million users.
Hours after the approval, the company said that people in India will be able to send money through WhatsApp from Friday. "Starting today, people across India will be able to send money through WhatsApp. This secure payments experience makes transferring money just as easy as sending a message," WhatsApp said in a tweet.
In a video message, Facebook CEO Mark Zuckerberg said that India has opened a world of opportunities for micro and small businesses by creating the UPI, a payment infrastructure built by a coalition of large banks in the country. Zuckerberg also thanked all the people who made WhatsApp Pay possible in India.
"With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy. India is the first country to do anything like this. I’m glad we were able to support this effort and work together to help achieve a more digital India. I want to thank all our partners who’ve made this possible," he said.
"When people can access financial tools, they’re more empowered to support themselves and others, or start a business. Long term, we need more innovation that gives people control over their money, and making payments easier is a small step that can really help," Zuckerberg added.
Posted By: Shashikant Sharma