WeChat is planning to launch a UPI app, likely called WeChat Pay, by the end of May-June. It is in the process of obtaining a payments license, reports Entrackr. The report adds that the Chinese parent of WeChat, Tencent, has partnered with Axis Bank, HDFC and ICICI, and would like to create its own UPI handle. In China, WeChat Pay can be used to pay for utilities and financial transactions and works like a wallet. Users of WeChat get a payment account by default. However, in India, WeChat itself has failed to take off (see here and here). In India, WeChat Pay will compete with established digital wallets like Paytm, MobiKwik, Google Pay, which is now testing offline retail payments, BHIM and more. WeChat’s parent company Tencent is an investor in the messaging app Hike, which also started offering payments from 2017. In India, Tencent’s investments are across the board, some of which include Dream11, Gaana, Ola, Byju’s and Flipkart. Interestingly, earlier this week, Chinese company Xiaomi launched Mi Pay, its UPI payment app, for Xiaomi smartphone users in India. Note that WhatsApp hasn't yet been allowed to launch payments in India, and is still in beta mode. WeChat’s India history WeChat launched in India in 2012 in partnership with Ibibo. At the time, Tencent had a 20% stake in ibibo (MIH India), and Naspers 80%, which was restructured in 2013. In 2013, the Indian Intelligence Bureau (IB) proposed a ban on WeChat, citing concerns of national security. In response…
- After CIC’s Decision, NIXI Resumes Publishing Dispute Resolution Decisions December 1, 2022
- The Delhi High Court ordered a sexually-explicit video to be taken off the internet December 1, 2022
- What India’s IT Minister has to say about the concerns around the new data protection bill December 1, 2022
- Tamil Nadu pushes for Aadhaar-EB card linking despite data risks December 1, 2022
- Info on Online Gambling Law’s Report & Consultation Can’t Be Provided: Tamil Nadu Govt December 1, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...