Chennai: WeChat is planning to launch a UPI app, likely called WeChat Pay, by the end of May-June, state reports. It is currently in the process of obtaining a payments license.
Reports add 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, partly because in 2013, the Indian Intelligence Bureau (IB) proposed a ban on WeChat, citing concerns of national security.
WeChat launched in India in 2012 in partnership with Ibibo. WeChat Pay will compete with established digital wallets like Paytm, MobiKwik, Google Pay, which is now testing offline retail payments, BHIM and more.