NEW DELHI: Messaging giant WhatsApp plans to launch its first payment service this year in India, its biggest market with 400 million users, the company said Friday.
The Facebook-owned firm has tested the service with about one million people over the past year. But a commercial launch has been on hold while it waits for approval from India’s banking regulator.
“WhatsApp Payments will make it as easy to pay someone on WhatsApp as it is to send a message,” the company’s global head Will Cathcart said in a statement.
“We can’t wait to provide this service to our users across India this year,” he added.
India would be the first country to get WhatsApp payments, but Cathcart did not say whether the authorities have given final approval.
He said such services were critical to accelerating financial inclusion in India and bringing millions more into the country’s fast-growing digital economy.
India is one of the world’s quickest-growing major economies, with tens of millions already using online transactions.
Once launched, WhatsApp will compete with local digital payment firms Paytm and Phonepe and global behemoths like Amazon Pay and Google Pay.
WhatsApp, which has an estimated 1.5 billion users around the world, has been roiled in controversy in India over data storage and privacy.
India has insisted that technology companies store data on Indians in the country, something WhatsApp has resisted so far for its messaging platform.
The Reserve Bank of India, that regulates the country’s financial system, has also made it mandatory to store payment-related data in India.
WhatsApp has insisted that its payment services in India will comply with the central bank norms.
WhatsApp to launch digital payments service in India
WhatsApp to launch digital payments service in India
- “WhatsApp Payments will make it as easy to pay someone on WhatsApp as it is to send a message”
Diriyah Co. partners with Midad to develop Four Seasons hotel in Diriyah
RIYADH: Saudi Arabia’s sovereign wealth fund-backed developer, Diriyah Co., has signed a joint development agreement with Midad Real Estate Investment and Development Co. to construct the Four Seasons Diriyah Hotel and private residences.
The partnership will strengthen collaboration between the two companies through the development of the luxury Four Seasons Diriyah, which will feature 159 rooms, alongside private Four Seasons residences, spanning approximately 235,000 sq. meters within Diriyah’s master plan.
The project’s total value is projected at SR3.1 billion (approximately $827 million), encompassing both land acquisition and construction expenses.
Midad is one of the Kingdom’s leading real estate developers, expanding its portfolio of high-end projects and maintaining numerous strategic partnerships with prominent global brands, reinforcing its reputation as a trusted name in luxury residential and hospitality development across Saudi Arabia.
This partnership marks the first major collaboration between Diriyah Co. and Midad, supporting Diriyah’s plans to develop 40 luxury hotels across its two main projects: the 14-sq.-km Diriyah Project and the 62-sq.-km Wadi Safar Project, a premium destination that blends lifestyle, culture, and entertainment.
Commenting on the agreement, Minister of Tourism and Secretary-General of Diriyah Co., Ahmad Al-Khatib, said: “The Kingdom continues to set new standards in developing tourism destinations, with Diriyah at the forefront.”
He added that such partnerships enhance the world-class experiences Saudi Arabia offers and strengthen the Kingdom’s position as a leading destination in this sector.
Diriyah Co. CEO Jerry Inzerillo commented that the Four Seasons Diriyah Hotel and Residences will be one of the Kingdom’s largest luxury hotels.
“We are proud to announce this joint development with Midad, one of Saudi Arabia’s top real estate developers. This agreement reflects our ongoing commitment to enabling Saudi partners to contribute to Diriyah’s transformative journey and confirms Midad’s confidence in the opportunities the project presents,” Inzerillo added.
Midad CEO Abdelilah bin Mohammed Al-Aiban said: “This project is a pivotal milestone for our company, allowing us to bring the Four Seasons experience to one of the Kingdom’s most prominent heritage destinations.”
He added: “We are excited to deliver a project that embodies design excellence, world-class service, and sustainable value, while contributing meaningfully to Saudi Arabia’s tourism, cultural, and economic ambitions.”
The collaboration comes amid rapid progress on the SR236 billion Diriyah project, which has awarded construction contracts worth more than SR101.25 billion to date.
Diriyah is expected to contribute approximately SR70 billion directly to the Kingdom’s gross domestic product, create more than 180,000 jobs, accommodate 100,000 residents, and host around 50 million annual visitors.
The development will feature contemporary office spaces accommodating tens of thousands of professionals across technology, media, arts, and education, complemented by museums, retail destinations, a university, an opera house, and the Diriyah Arena.
It will also offer a diverse selection of restaurants and cafes, alongside nearly 40 world-class resorts and hotels distributed across its two primary master plans.
