Facebook-owned messaging platform WhatsApp has finally launched its payments services in India and will be available to State Bank of India, HDFC Bank, ICICI Bank and Axis Bank for Indian users.
With this, WhatsApp is planning to expand its UPI user base in phases. It will begin with a maximum registered user base of 20 million.
As quoted by IANS, “UPI is a transformative service and we jointly have the opportunity to bring the benefits of our digital economy and financial inclusion to a large number of users who have not had full access to them before,” Abhijit Bose, Head of WhatsApp, India, said during the Facebook ‘Fuel for India’ virtual event.
On November 6 this year, Whatsapp had announced that its users in India will be able to send money through WhatsApp.
“This secure payments experience makes transferring money just as easy as sending a message. People can safely send money to a family member or share the cost of goods from a distance without having to exchange cash in person or going to a local bank,” the instant messaging app said.
WhatsApp has developed WhatsApp Pay in association with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), an India-first, real-time payment system that will support transactions with over 160 supported banks.
“We’re excited to join India’s campaign to increase the ease and use of digital payments, which is helping expand financial inclusion in India,” WhatsApp added.
