WhatsApp Pay may launch in India at the end of May

WhatsApp Pay is set to launch later this month. The service provided by the instant messaging application, which is currently in beta testing, will soon be launched by three private banks – Axis Bank, HDFC Bank and ICICI Bank and later in the public sector partnership State Bank of India (SBI) will be added, a report said. Will. Currently, during the beta testing phase, WhatsApp Pay allows transactions based on the Unified Payment Interface (UPI) through ICCI Bank.

Money control Report Citing several sources aware of the news, it has been claimed that WhatsApp is in the process of merging Axis Bank, HDFC Bank, ICICI Bank and SBI. However, it has been said that WhatsApp Pay service will be launched with three of the initially mentioned private banks and later SBI will be added to it.

The National Payments Corporation of India (NPCI) has recently ordered the option of a multi-bank model to avoid any delay in transactions for larger digital platforms providing UPI-based payment services. If a bank faces a problem in allowing payments, this multi-bank model is helpful. Defects in the use of the single-bank model were revealed earlier this year during Yes Bank’s mortuary, which shut down the activities of platforms such as PhoneP and Suigi during that time.

Google Pay and TrueClear 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 acquiring banks, enabling UPI-based transactions.

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