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WhatsApp UPI: WhatsApp gets nod for Unified Payments Interface Ipayments

Flipkart and some other e-commerce companies have already started accepting WhatsApp UPI payments.
Hota did not provide a timeline as to by when WhatsApp payments would be live on UPI.An email sent by TOI to a spokesperson for WhatsApp did not elicit a response till the time of publishing.
The approval for multi-bank partnership could put its payments business ambition on a fast track.
Google is now awaiting the Reserve Bank of India’s approval to go live on UPI,” said Hota.Online merchants like Amazon and Uber are also in final stages of testing before enabling customers to make payments using UPI, Hota added.
“Players like WhatsApp and Google are very large in size and thus partnering with multiple banks makes sense to ensure a smooth payments process.

WhatsApp To Get Unified Payments Interface Payments advantage By Year End

WhatsApp UPI

Getting backing of an omnipresent player such as WhatsApp could change the dynamics of the mobile payments market in the country.
Since demonetisation last year, mobile payments apps such as Paytm and MobiKwik have seen an astronomical growth in number of transactions and user base.
The Facebook-owned company expects to roll out support for UPI (Unified Payment Interface) to its messaging app WhatsApp by the end of the year, a person familiar with the matter said.
WhatsApp is in advanced talks with banks and lobby organisation NPCI to add support for UPI-based payments on its app, the person said requesting anonymity.
Their mobile payment apps were nowhere as popular,” an analyst who didn’t want to be identified told Gadgets 360.

referring to
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Google too completed the testing of its UPI payment service and is awaiting the Reserve Bank of India’s (RBI) approval to launch its service in the country.
Also admitting that the growth has come down and plateaued, he said, “Unless it is picked up it will be difficult and digital payments needs to be propagated very strongly.
According to Hota, there are 50 banks who are members of UPI and out of them, 37 have developed their own UPI applications.
UPI, laucnhed by NPCI, is a mobile application that helps quick transfer of money through a mobile device round the clock.
“Google, Facebook and Whatsapp are very big players.. Technically it is feasible, but RBI would have to take a holistic look..

 

 

collected by :Joya Sofi

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