The National Payments Corporation of India, gave approval to WhatsApp to go live on the UPI in a graded manner. WhatsApp can start with a maximum registered base of 20 million in UPI. Zuckerberg says, India has created something ‘truly special’ and is opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy.
Mark Zuckerberg said, “Now you can send money to your friends and family through WhatsApp as easily as sending a message. There’s no fee, and it’s supported by more than 140 banks. And because it’s WhatsApp, it’s secure and private too.”
“We’ve been working on this with the National Payments Corporation of India, who oversee everything to make sure it’s secure and reliable. And we’ve built it using India’s Unified Payments Interface, which makes it easy for anyone to instantly accept payments across different apps”.
“To send money on WhatsApp in India, it’s necessary to have a bank account and debit card in India. WhatsApp sends instructions to banks, also known as payment service providers, that initiate the transfer of money via UPI between sender and receiver bank accounts,” the company said. Payments is now available in ten Indian regional language versions of WhatsApp. WhatsApp is working with banks such as ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank for the services.
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