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- New WhatsApp Beta Version Shows UPI Payment Feature
New WhatsApp Beta Version Shows UPI Payment Feature
Highlights
- WhatsApp has been rumoured to enter the Indian digital finance market
- The feature will enable bank-to-bank transfer via UPI
- WhatsApp has a user base of over 200 million in India
The official "WhatsApp Payments" section for Android is still under development. In order to use WhatsApp Payments, you will have to accept the WhatsApp Payments and Bank Terms and Privacy Policy, the blog added.
Launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI), UPI facilitates the instant fund transfer between two bank accounts on the mobile platform. With over 200 million monthly active users (MAUs), WhatsApp has been in the news for working towards a UPI-based interface in its platform.
According to media reports, WhatsApp is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI. Some mobile messaging platforms like WeChat and Hike Messenger already support UPI-based payment services. The NPCI announced in July that UPI has crossed the 10 million transaction mark last in June 2017, registering a 10-fold increase in 11 months from one million UPI transactions in August 2016.
Transactions on UPI are growing exponentially due to increased acceptance among member-banks, merchants and consumers. Plus, the UPI-powered Bharat Interface for Money (BHIM) has also been a significant contributor, NPCI Managing Director and CEO A.P. Hota said.
The firm said the volume of UPI transactions was at 10.35 million in June, up from 9.36 million in May and 7.20 million in April. The UPI transaction system was launched in August 2016 with 21 banks and was now offered by around 50 banks. Hota said around 22 per cent transactions are merchant-based which is also growing rapidly.
Also Read: Axis Bank To Acquire Payments Wallet Freecharge For Rs. 385 Crore
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
NDTV along with MasterCard is launching a multi-platform campaign “Cashless Bano India”, to create digital awareness and educate the masses about digital payment solutions for day to day transactions.
The campaign aims to take the message of a cash free India to the country, all while educating them on the ways and means to do it.
We aim to reach out to people and educate them on:
1). Digital and financial literacy
2). New generation digital payment solutions
3). Enabling merchants and consumers to understand and adopt secured and safe payment Solutions
4). Ease of usage at point of sales