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WhatsApp will launch payment services in India this year

[Edited By: Gaurav]

Thursday, 25th July , 2019 04:38 pm

WhatsApp Global chief Will Cathcart said Wednesday the company could launch payment services to users across India later this year.

The messaging application, which has around 400 million users in India, has been testing payments in the country since last year with around one million users.

Mr. Cathcart said the company's vision is to make money sending as easy as sending messages on the platform.

"We believe that if we do this right, it will accelerate financial inclusion and bring value to people in India's rapidly growing digital economy. We can't wait to provide more service from our users across India later this year," he said at an event in New Delhi.

WhatsApp service, which will compete with people like Paytm, PhonePe and Google Pay, has not been launched nationally in India.

Facebook's company, which has more than 1.5 billion users worldwide, is also launching payment services in other markets.

The blueprint for WhatsApp's ambitious payment services in India has been caught up in the issue of concerns surrounding authentication and data storage practices.

In the past, growing rivals at home have alleged that the WhatsApp payment platform has security risks for consumers and is not in accordance with the guidelines.

In October last year, WhatsApp said it had developed a system to store payment-related data in India as part of compliance with Reserve Bank of India's policy of storing data locally.

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