WhatsApp Pay in India
Case Code: CLFIN027
Case Length: 2 Pages
Pub Date: 2021
Teaching Note: Available
Organization : WhatsApp Pay
Countries : India
Themes: Digital Ecosystem,Contactless Payments, Mobile Digital Platform, Technology in Financial Services
On November 6, 2020, leading messaging app WhatsApp, owned by the US-based Facebook Inc., entered the digital payments ecosystem in India by launching its Unified Payment Interface (UPI) based mobile payment option, WhatsApp Pay. UPI has revolutionized the payment ecosystem in India with the interoperability feature that enables money transfer between different bank accounts. The UPI based ecosystem is dominated by Google Pay and Phone Pe with a combined market share of 80%. WhatsApp entered the space with significant challenges in terms of restrictions on number of users and number of transactions. The present case study can be used to discuss the concept of UPIs, third party mobile applications, the digital payments ecosystem in India, and the Digital India Initiative.
- Unified Payment Interface (UPI).
- Third party mobile payment apps.
- Online payment system in India.
- Digital India and financial inclusion.
On November 5, 2020, WhatsApp the popular messaging app owned by the US-based Facebook Inc., launched its online digital payment services in India . The National Payments Corporation of India (NPCI) had granted approval to WhatsApp to launch its payment services on the Unified Payments Interface (UPI). The UPI payment architecture developed by NPCI enabled transfer of money through third party payment apps. Usually, the third party payment apps enabled transfer of funds through their inbuilt wallet option. This meant that money could be transferred only when the sender and the receiver had the same wallet account. However, the UPI-based transfer system enabled the third party mobile apps to transfer the money using UPI to multiple bank accounts. Within a short span of time, the mobile apps developed on the UPI interface grew highly popular in the online payments ecosystem in India. The mobile payment apps popular in India were Google Pay, PhonePe, and Paytm..
WhatsApp Pay; WhatsApp; Unified Payment Interface; Digital Payments Ecosystem; National Payment Corporation of India; Third-party mobile apps; Digital India Initiative; Financial Inclusion; Google Pay; Phone Pe; Digital Wallet
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