Facebook said at PublishedThe WhatsApp payments service will start today, after obtaining approval from the country’s leading payment processor to launch the long-overdue system.
WhatsApp – which is India’s largest market with more than 400 million users – has been running a peer-to-peer payments service with a limited number of users for more than two years, pending regulatory approvals.
“Payments are now available in 10 versions of the Indian regional languages from WhatsApp,” Facebook CEO Mark Zuckerberg said in a statement.
WhatsApp said it has partnered with five Indian banks, including: State Bank of India and Jio Payments Bank, for the service.
India’s National Payments Corporation said on Thursday that WhatsApp will initially begin expanding the service to a maximum of 20 million users.
All major payers in India use the UPI (Unified Payment Interface) framework, established by the Indian National Payments Corporation, for services such as peer-to-peer money transfer, utility payments, and phone recharge.
According to India’s National Payments Company, the UPI framework processed more than 2.07 billion transactions last October, up from more than 1.8 billion in the previous month.
Facebook earlier this year bought a 9.99 percent stake in its digital unit Reliance for $ 5.7 billion, an investment that will give WhatsApp an internal pathway on payments to Reliance’s retail unit, which aims to serve tens of millions of small stores across India. .