India is one of the biggest markets for whatsapp. Online Payments in India has been revolutionised with the launch UPI. Whatsapp recently received a regulatory nod in India. Whatsapp Pay ready to launch in India will go through phases of evolution. NPCI has granted all the necessary permissions to launch Whatsapp Pay reported by Business Standard.
Whatsapp Pay will rollout for 10million users in first phase and then Country Wide in second phase. Whatsapp assured NPCI and RBI that it will comply with data localization rules of India. Data localization rule states that all payment related data of Indian Users need to be stored on local servers within India.
Whatsapp is used by almost every Indian and Whatsapp Pay could be the widest online payment platform used in India. Launch of Whatsapp Pay will for sure increase the Online Payments in India.
Whatsapp Pay India Only Service
Whatsapp Pay may or maynot expand in other countries, there is nothing official yet. it is believed that whatsapp Pay will be restricted to India only as it is based on UPI service developed by NPCI. It will be used by over 400 million indian users. Whatsapp Pay will be a big Competitor to likes of Google Pay, Paytm, etc.
Can You trust Whatsapp
The track record of facebook is doubtful to trust. But, they cannot steal your money. However, the worst thing that could happen to you if you are to use whatsapp Pay could be Information leaks. Your Banking information could leak but will that affect your bank balance. Well, until you are careful of not sharing your OTPs with anyone, you are safe to use any Payments app. Let me know in Comments What is your opinion?