WhatsApp Pay facility will be available on these four banks including SBI, HDFC, 20 million users will benefit – STD10.NET

WhatsApp Pay facility will be available on these four banks including SBI, HDFC, 20 million users will benefit

WhatsApp Pay facility will be available on these four banks including SBI, HDFC, 20 million users will benefit:

Important news for WhatsApp users. WhatsApp’s payment service Whatsapp Pay will be available with four major banks in the country. It was announced by WhatsApp on Wednesday that it is now available to its 20 million users in India along with State Bank of India, HDFC Bank, ICICI Bank and Axis Bank.

After nearly two years of waiting, Facebook’s proprietary Whatsapp Pay service was approved by the National Payments Corporation of India (NPCI) in November to launch on the Unified Payment Interface (UPI) with more than 140 banks. Just yesterday, Facebook founder Mark Zuckerberg announced the expansion of Whatsapp Pay.

 

WhatsApp can expand its UPI user base to 20 million users. This payment facility is now available in 10 Indian regional language versions of WhatsApp.

During the Facebook ‘Fuel for India’ virtual event, WhatsApp President Abhijit Bose said, “UPI is a very special service and we have the opportunity to jointly leverage the benefits of our digital economy and financial inclusion for a large number of users who have so far reached this benefit.” Couldn’t. ”

“We launched banking services on WhatsApp in April,” said Vijit Bhaskar, Head-Digital Channel & Partnership, ICICI Bank. More than two million consumers have adopted banking services on WhatsApp in such a short time. With WhatsApp Payments, there is a unique opportunity to easily increase the financial services needed for people across the country.

According to a recent report by Bengaluru-based research firm RedSeer, digital payments in India are expected to reach 94 94 trillion by FY2025. “We look forward to partnering with State Bank of India, ICICI Bank, HDFC Bank and AXIS Bank,” Bose said in a statement.

SBI now offers UPI service through WhatsApp payments. So that easy and instant mobile based payment facilities can be availed. “Partnership with Whatsapp Pay is another important step towards achieving financial inclusion and providing affordable financial services to Indians,” said Parag Rao, Country Head-Payments Business, Consumer Finance, Digital Banking and Marketing, HDFC Bank.

 

WhatsApp users of instant messaging app WhatsApp will now be able to easily transfer money to India. With WhatsApp you can send money to any other WhatsApp users or in UPI ID. Indeed, WhatsApp has received approval from the National Payments Corporation of India (NPCI) to launch a UPI ID payment service.

WhatsApp has been testing the UPI system for a long time, but the issue of privacy has stalled. NPCI (NCPI) on Thursday allowed WhatsApp to go live. Currently only 20 lakh users will be able to avail this service.

More than 200 million users

WhatsApp currently has over 200 million users in India. It is believed that the launch of WhatsApp Pay will be a big hit with Phone Pay, Paytm, Google Pay, etc.

What is Unified Payment Interface / UPI?

Unified Payments Interface or UPI (Unified Payments Interface) is a real-time payment system that can instantly transfer money to a bank account through a mobile platform. With UPI you can link bank account with many UPI applications. Currently, many bank accounts can be managed through the UPI application.

200 crore UPI transactions in October

It is worth mentioning that in the midst of the Corona crisis, people have set a new record by sitting at home. In fact, during 20 October 2020, in the case of UPI based transactions across the country,

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