WhatsApp to roll out payments feature in India this year
Live MintBengaluru: WhatsApp will roll out its payments service in India this year following a year-long pilot, its global chief Will Cathcart has said, as the Facebook-owned messaging giant taps an upsurge in digital payments in its dominant market. "It's a regulatory approval question in India at this point," Facebook CEO Mark Zuckerberg said on Thursday on the company's earnings conference call in reference to WhatsApp Pay. WhatsApp's payments feature would compete with a crowded market in India that includes Alphabet Inc's Google Pay, Softbank- and Alibaba-backed Paytm and Walmart's PhonePe, all of which are used, especially in cities, to pay for everything from groceries to Uber rides. bringing millions more people into India's fast-growing digital economy," Will Cathcart, WhatsApp's global head, said in New Delhi on Thursday. WhatsApp will use India's Unified Payments Interface standard used by many other digital payments services, which is growing rapidly — UPI processed over 750 million transactions last month, rising from about 246 million a year earlier.