Whatsapp Pay Will Be Free in India, Supported By 140 Banks, 10 Regional Languages
We all know that the new feature of paying money through Whatsapp, Whatsapp Pay was launched today.
And now, Mark Zuckerberg, the CEO of Facebook, which owns Whatsapp has announced that no fees will be charged for sending money through the popular social networking app.
Read on for all the details!
Facebook CEO Announces Whatsapp Pay Feature Will Not Charge Money For Transactions
Whatsapp Pay was given the go ahead by the NPCI or the National Payments Corporation of India, which runs and controls UPI. In the first phase of the roll out, Whatsapp Pay will be available only for 2 crore Indian users.
As per Zuckerberg, Whatsapp Pay will be supported by more than 140 banks and will not charge any fees for transferring money. ICICI is one of the banks that will support and enable Whatsapp Pay. In fact, sending money via Whatsapp Pay is as easy as sending a message, as per Zuckerberg.
In the video statement, Zuckerberg said, “Now you can send money to your friends and family through WhatsApp as easily as sending a message. There’s no fee, and it’s supported by more than 140 banks. And because it’s WhatsApp, it’s secure and private too.”
He has also said that the payments will be available in 10 Indian regional language versions of WhatsApp. These payments will be conducted with only a debit card with a bank account that supports UPI (Unified Payments Interface) and the feature can be set up instantly.
Whatsapp Pay Is Now Live For 2 Crore Indians
Today, NPCI allowed the roll out of Whatsapp Pay in India, using UPI platform. ICICI Bank, among others are supporting the backend, and it enables you to send money to your Whatsapp contacts. It’s like sharing images and videos with them.
2 taps, and your money is delivered, instantly.
Total of 2 crore users will be allowed its access, in the ‘first phase’. We are not sure what the second phase will bring in, but there are 40 crore Whatsapp users in India right now, and most of them are interested to know more about this new feature.
Whatsapp Pay is owned by Facebook, and they are the newest entrant in the cut throat market of digital payment apps.
Google Pay and PhonePe are leading players, with each holding 40% market share.
But effective today, every UPI payment app can control only 30% market share of the UPI payments. And this makes the battle even more interesting.
Paytm, MobiKwik and BHIM App are the remaining players in this battle.
It would be interesting to see how Whatsapp Pay is able to make a mark now.