A big news for the whatsapp giant users of India…!!! Whatsapp has come up with it’s new service of providing UPI payments through it’s chatting application. Most of you would be awaiting for as the news was in air for past two years. Take a sigh of relief, you can use UPI mode now onwards to pay anyone through whatsapp pay.
Whatsapp considers India to be its biggest market with 400 Million users, but only 20 Million users will be able to get benefit of Whatsapp Pay option. Whatsapp has recently received approval from National Payments Corporation of India (NPCI) to “Go Live” on UPI in a sophisticated manner.
Mark Zuckerburg, CEO of Facebook revealed in a video statement that the payment is available in 10 Indian Regional languages as of now. As per him, it’s a “truly special” opportunity in India for Micro & Small businesses. Whatsapp has partnered with five Indian banks viz. ICICI Bank, SBI, HDFC, Axis Bank and Jio Payment Banks for delivering it’s UPI services.
The approval which Whatsapp has got from NPCI also imposes a cap of 30% of the total volume of transactions processed in UPI, applicable to all third party app providers. It will effect from January 1, 2021. it is going to be a big competition for UPI players in India like Paytm, Google Pay, Amazon Pay and PhonePe. Comparing to others, whatsapp has more ease of doing UPI Payments. It’s as simple as sending message to someone in contact.
The blog published by Whatsapp further explained that to send money through whatsapp, one must have a bank account and debit card in India. To setup and proceed for payment, a UPI PIN will be needed for confirmation from the sender.
To access this feature, update the latest version of Whatsapp on iPhone and Android.
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