Finance

China's Tencent to launch UPI-enabled payments app WeChat Pay in India: report

Updated : March 25, 2019 09:46 AM IST

Tencent, which will operate only under the UPI ecosystem, has already partnered with Axis Bank, HDFC Bank and ICICI Bank to have it's own UPI handle (@wechat), adding that the app would be launched by the end of May-June.

Senior officials from the company met officials from the National Payment Corporation of India (NPCI) three weeks ago for obtaining a license for full-fledged payments app, the report said.

Chinese technology giant Tencent is set to join its major global peers Google, Amazon, WhatsApp and Xiaomi with a launch of its own UPI-enabled payments app ‘WeChat Pay’ in India, Entrackr reported, citing sources familiar with the matter.

Senior officials from the company met officials from the National Payment Corporation of India (NPCI) three weeks ago for obtaining a license for full-fledged payments app, the report said.

In China, Tencent’s WeChat Pay is the second most popular payments app after Alipay, according to Entrackr. Last year it crossed more active users than Alipay’s 520 million in early 2018.

Tencent’s plan to launch an UPI-powered payments app in India has come at a time when its game PUBG has been gaining quick popularity in the country, Entrackr said.