The license has been approved by the government to enter WhatsApp’s digital payment service. Now digital payment facility can be provided by WhatsApp soon. WhatsApp has received this approval after agreeing to the conditions of data localization.
WhatsApp, a very popular messaging app, is about to launch digital payment facility soon. Facebook-owned company WhatsApp’s digital payment platform may get government approval. On Thursday, the National Payments Corporation of India approved a license for WhatsApp for digitized payment service.
According to a Business Standard report, due to some technical reasons, the National Payments Corporation of India has asked WhatsApp to provide this facility to one crore users only. WhatsApp will be implemented in a phased manner and it can soon be extended to every user. Actually, WhatsApp had applied for the facility of digital payment long back, but due to the screwing on many rules, the approval was not being received.
Zuckerberg had already announced: Now WhatsApp has agreed to follow the rules of data localization, after which its license application has been approved. Let us know that Mark Zuckerberg, CEO of WhatsApp’s parent company Facebook, announced in October last year that ‘WhatsApp Pay’ was announced and that the facility could be launched soon.
400 million users can reach: It is believed that WhatsApp can reach 400 million users in the country. The use of WhatsApp can be popular, especially for retail payments. Recently, Telecom Minister Ravi Shankar Prasad had also hinted to approve the operation of WhatsApp Pay and said that he can be granted a license if he gives the assurance of following the rules.
Trial already underway with ICICI Bank: Facebook in February 2018 started a trial with private sector ICICI Bank with around 1 million users. However, official launch is still awaited due to lack of necessary approvals from the government. In fact, the government said that WhatsApp would have to store all the data locally, which has now been assured by WhatsApp. Only after this has been approved by the National Payments Corporation to bring WhatsApp Pay.