Tencent is one of the world’s most valuable technology conglomerates and also one of the world’s largest social media company.
Chinese tech behemoth Tencent is going to enter India’s payment market through WeChat Pay app.
According to the sources Tencent discussed obtaining a license from National Payment Corporation of India(NPCI) in order to launch its payment service from May or June.
The Indian market is already flooded with UPI’s payment like Paytm, Google Pay, PhonePe, BHIM. Acknowledging the generation of Rs 1 trillion in just three months (December, January, and February) according to NCPI’s website, who doesn’t want to be a part of it.
It’s not just Tencent who want to taste the success of UPI’s payment, there are other tech giants in a line be it WhatsApp or Xiomi.
Tencent a conglomerate know how to rule in business be it in a gaming world or the social media, it knows. And right now it’s not clear how they will attract the customers but since the tech giant backs up world’s best games like PUBG and Call Of Duty, it has a wider scope to detangle the wires of investment.
It’s not the very first time Tencent has invested in India, it has already invested $175 million in India-based Messaging service Hike.