The National Payments Corporation of India (NPCI) has approved Facebook-backed WhatsApp to ‘Go Live’ on UPI in the multi-bank model. On Friday, WhatsApp said, "starting today, people across India will be able to send money through WhatsApp. This secure payments experience makes transferring money just as easy as sending a message."
WhatsApp said, "To send money on WhatsApp in India, it’s necessary to have a bank account and debit card in India. WhatsApp sends instructions to banks, also known as payment service providers, that initiate the transfer of money via UPI between sender and receiver bank accounts. We’re delighted to be working with five leading banks in India: ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. People can send money on WhatsApp to anyone using a UPI supported app."
According to WhatsApp, just like every feature in WhatsApp, payments is designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment. Payments on WhatsApp is now available for people on the latest version of the iPhone and Android app.
In the long run, WhatsApp said, "we believe the combination of WhatsApp and UPI’s unique architecture can help local organizations address some of the key challenges of our time, including increasing rural participation in the digital economy and delivering financial services to those who have never had access before."
On Thursday, NCPI said, WhatsApp can expand its UPI user base in a graded manner starting with a maximum registered user base of twenty (20) million in UPI.
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