Thursday, 29 February 2024
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Free Payment Service launched by WhatsApp

Free Payment Service Introduced by WhatsApp

WhatsApp has introduced a free payment service in India. It will soon become the world’s most popular messaging application super app.

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The service will allow people to send money to their loved ones or pay for something remotely. For which they need to go in person or go to a local bank, according to a blog from a Facebook-owned company. This secure payment service will make money transfers as easy as sending a message.

Launched In India

WhatsApp launched the trial of digital payment service in India in 2018 with limited users. Waiting for regulatory approval to introduce it ever since.

WhatsApp now received this approval and the service initially introduced to 20 million users.

The service will allow people to connect their bank accounts within the app and send money to others.

According to the company, the service will be available in the latest versions of iOS and Android and is based on the UPI infrastructure, developed by some of India’s largest banks.

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The service has brought WhatsApp closer to its goal of becoming a super app, especially in India, where it has more than 400 million users. WhatsApp earlier introduced its payment service in Brazil but soon suspended.

Previously Launched in Brazil

The service was launched there in June, but a few days later Brazil’s central bank suspended WhatsApp payments in the country.

The purpose of suspending the feature by the bank is to protect the appropriate competitive environment, which will ensure that the payment system is fast, secure, transparent, cheap, exchangeable and open.

After India, Brazil has the largest number of WhatsApp users. According to Facebook, this feature will gradually be available to all users.

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