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This week the National Payments Corporation of India (NPCI) has approved WhatsApp to introduce their UPI-powered payments feature in India. Following the same, WhatsApp announced that users will be able to send and receive money starting today with their new WhatsApp payments feature.
According to WhatsApp, the new payment experience will be as easy as sending a message to a contact. People can share money with their friends and family members without being physically present close to them. Now people do not need to visit a bank to receive money from their loved ones.
In order to send money to their contacts using WhatsApp payments in India, users will need to have a bank account and a debit card. WhatsApp will send information to payment service providers, the banks, that will initiate the money transfer using UPI between both the user’s bank account.
At the time WhatsApp will be working with five leading banks in India: ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank.
The social messaging platform also believes that with time the combination of WhatsApp and UPI can help local businesses to overcome common challenges we face today in rural areas in the country. With WhatsApp payments, the aim is to deliver financial services to people and locations that never had access to them before.
WhatsApp also ensures that the payments feature is designed with a strong set of security and privacy principles, like needing a UPI PIN to initiates payments in the app. The new feature can be accessed in India by upgrading to the latest version of the app on both Android and IOS platforms.