WhatsApp is all set to launch its peer-to-peer, UPI-based Pay service for over 300 million users – especially the small and medium businesses in India sometimes later this year, its Global Head Will Cathcart announced on Thursday.
WhatsApp launched a test run of its payments service with one million users in the country last year which got stuck in the digital payments framework guidelines but now, the service is in its final stages.
“To boost digital inclusion in India, we can launch the Pay service across the country later this year after meeting regulations,” Cathcart told the audience at an event.
The country’s digital payments industry is estimated to hit $1 trillion by 2023.
According to a report by Omidyar Network and the Boston Consulting Group (BCG), nearly half of MSME owners with annual business revenue between Rs. 3 lakhs and Rs. 75 crores would use WhatsApp Payments once it is fully rolled out.
Speaking at the event, Niti Aayog CEO Amitabh Kant said WhatsApp was delayed in meeting India’s regulatory norms to launch its digital payments service.
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