WhatsApp Pay may launch by end of May in partnership with three private banks in India

WhatsApp Pay may launch by end of the May Month

WhatsApp Pay is set to launch by the end of the month. According to a report, the payment service by the instant messaging app, which is currently live under beta testing, will soon be launched in partnership with three private banks - Axis Bank, HDFC Bank, and ICICI Bank and Later the State Bank of India (SBI) will also be added. Currently, in the Beta Testing phase, WhatsApp Pay allows transactions based on Unified Payment Interface (UPI) through ICICI Bank.
WhatsApp Pay may launch by end of the May Month
In the Moneycontrol report, citing some sources aware of this news, it has been claimed that the process of integration of Axis Bank, HDFC Bank, ICICI Bank, and SBI in WhatsApp is going on.

The National Payments Corporation of India (NPCI) recently mandated the option of a multi-bank model to avoid any delay in transactions for large digital platforms offering UPI-based payment services. If a bank is facing any problem in allowing payments, then this multi-bank model proves to be helpful. The drawbacks of using the single-bank model were revealed during the Yes Bank moratorium earlier this year, which halted operations of platforms such as PhonePe and Swiggy for some time during that period.

Google Pay and Truecaller are among the major platforms that currently allow transactions through multiple banks. Interestingly, Google Pay already has Axis Bank, HDFC Bank, ICICI, and SBI as the acquiring banks, which enable UPI-based transactions.
WhatsApp Pay may launch by end of May in partnership with three private banks in India WhatsApp Pay may launch by end of May in partnership with three private banks in India Reviewed by Redbuddy on May 06, 2020 Rating: 5

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