The WhatsApp digital payment system is fully operational in India, as previously announced. The beta process, which started in 2018, was completed with the approval given by the competent authorities. The process was extended for about 1 year due to concerns about data storage and sharing.
There are more than 400 million WhatsApp users in India. This makes the Asian country the most important market for the communication service. Facebook CEO Mark Zuckerberg recorded a video to announce this development, showing the importance of India for WhatsApp.
Zuckerberg stated that WhatsApp users can now transfer money to friends and family members as if they were sending a message. Facebook CEO pointed out that digital payment methods that minimize physical shopping during the pandemic have also gained importance.
Watch | Mark Zuckerberg says, “Now you can send money to your friends and family through #WhatsApp as easily as sending a message."
— The Indian Express (@IndianExpress) November 6, 2020
WhatsApp’s payment system will take advantage of India’s national payment infrastructure. Thus, compatibility between different digital payment solutions in the country and WhatsApp’s service will be achieved.
Facebook is working with five banks in India for the WhatsApp digital payment system. These banks are listed as follows: ICICI Bank, HDFC Bank, Axis Bank, State Bank of India and Jio Payments Bank.