WhatsApp Payments is now available to around 20 million users in the country. The payment feature is being supported by the State Bank of India, HDFC Bank, Axis Bank and ICICI Bank. The WhatsApp Payments feature has been developed on the Unified Payment Interface (UPI) by the National Payments Corporation of India (NPCI). It was granted approval to go live in November 2020 on a peer-to-peer (P2P) basis. This means that users will be able to transfer money in a manner similar to sending messages.
WhatsApp Payments is excited and privileged with companions like State Bank of India, HDFC Bank, Axis Bank and ICICI Bank to bring simple and secure digital payment facility to WhatsApp users across India. Unified Payment Interface UPI is a transformative service and gives the opportunity to bring the benefits of country’s digital economy and financial inclusion to a large number of users who did not have full access to them before.
WhatsApp Payments aims to add to the growth of digital transactions in the country along the lines of the government's vision. WhatsApp and UPI together are likely to help in increasing rural participation in the digital economy by "delivering banking and financial services to those who have been bereft of access, so far," says the company.
Its success would no doubt, be another important step toward achieving financial inclusion and making affordable financial services available to the people of India.