Reports indicate social networking giant Facebook could be all set to launch WhatsApp Pay in India as early as this month. Indications are WhatsApp Pay will partner with banks like HDFC Bank, ICICI Bank, and Axis Bank to process the transfers, and State Bank of India (SBI) will join once it has the necessary systems in place.
The move is potentially another big boost to the digitisation process. A report by Credit Suisse predicts India’s digital payments industry, which is currently worth around $200 Bn, is expected to grow five-fold to reach $1 Tn by 2023. The report added that within the said period, the value of digital payments will likely jump from the current 10% to over 25%.
NPCI ( National Payments Corporation of India) has stated that it has given consent to the company to roll out WhatsApp BHIM UPI beta launch with a limited user base of 1 Mn and low per transaction limit. This could also be in response to fears of low transaction security as rivals have pointed out. ( Story courtesy : Wires)