Chinese tech giant Tencent is looking to enter India‘s payment market with a UPI-based (Unified Payments Interface) WeChat Pay app, according to Entrackr. The report notes Tencent execs met with the National Payment Corporation of India (NPCI) three weeks ago to discuss obtaining a license, with plans to launch the service in May or June. In the already saturated UPI payments market in India, WeChat Pay will compete against BHIM, PhonePe, Paytm, and Google Pay. According to NCPI’s website, monthly UPI transaction volumes consistently exceeded Rs. 1 trillion ($14.49 billion) in December, January, and February; WeChat will certainly be tempted to get a slice of…
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WeChat Pay to reportedly take on Google Pay and Paytm in India later this year
Source: The Next Web
