WhatsApp Global could launch its payments services to users across India before the end of the year.
This was revealed by WhatsApp Global Head, Will Cathcart, during an event in India on Wednesday. He said:
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We believe that if we get this right, it will accelerate financial inclusion and bring value for people in India’s fast-growing digital economy, We can’t wait to provide the service more of our users all across India later this year.
India has approximately 400 million WhatsApp users and the payments system has been on trial since last year with about 1 million users.
Concerns have however been raised over WhatsApp’s payment platform over authentication and its data storage practices.
The trial run for the payments system will not be completed by July, as the company moves to comply with the Reserve Bank of India’s norms.
WhatsApp’s payment service will compete against the likes of Paytm, PhonePe and Google Pay once it is launched in India.
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