WhatsApp has gone live with its payments offering in India with four banks which are State Bank of India, ICICI Bank, HDFC Bank & Axis Bank.
Whatsapp would now offer UPI based payments facility to it’s users after clearance by the National Payments Corporation of India in November 2020.
Many whatsapp users initially felt that payment feature was already provided by Whatsapp. But actually that was a beta version and the feature was available only to a million users.
“UPI is a transformative service and we jointly have the opportunity to bring the benefits of our digital economy and financial inclusion to a large number of users who have not had full access to them before,” WhatsApp India head Abhijit Bose said.
As of now, the limit is 20 million users which would increase with time.
Clearly it seems whatsapp wants to be the super app or kind of weChat in the future for India. Eventually they would foray into other financial services to take forward their growth story.
Whatsapp currently has 400 million users in India so there is a huge scope for the growth of this mobile messaging app.