WhatsApp has introduced the UPI payment facility in India to receive or send money while messaging on the application.
It is the highly used application till date and has claimed that it will provide a secure payment experience to the users.
After the entry of secure payment platforms like PhonePe and Google Pay, WhatsApp has entered the UPI market. It has partnered with five leading banks in India supporting the transactions from over 160 banks.
Leading supported partners are ICICI Bank, HDFC Bank, Axis Bank, State Bank Of India, and Jiopayments Bank, and the only requirement for payment through WhatsApp is a bank account and a debit card in India.
WhatsApp followed this track for India’s campaign to ease and increase the digital payments in India in long run.
WhatsApp has decided to enter the UPI market to help the local organizations increase their demand and address the key challenges. Rural participation might also increase through the WhatsApp and UPI combination and evolved financial services to the people who never had access to the services before.
The security and privacy concerns have been taken into consideration including entering a personal UPI pin for all the transactions.
The availability of their services is now visible on the latest versions of iPhone and Android apps.
National Payments Corporation of India (NPCI) gave WhatsApp permission to go live with the payment mode on 5th November 2020. They have also permitted WhatsApp to expand their UPI user base of twenty million users.
NPCI has issued the live payment facility soon after the accouterment of 30% of total processed UPI transactions, in application from 1st January 2021, which are available to all the Third-Party app providers.