You will now be able to make payments through the instant messaging platform WhatsApp. The National Payment Corporation of India (NPCI) has allowed WhatsApp to launch a UPI (Unified Payment Interface) based payment system. The instant messaging platform had been testing the payment method for two years, but the talk stalled due to privacy concerns.
Discussions were constantly going on from Facebook to launch WhatsApp Pay to the Government of India. However, it has now been approved.
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WhatsApp's payment model has been allowed to go live in phases, according to which the payment model has been allowed to go live phase-wise. That is, it can be made to live in different phases. Initially, the company has got the approval of a 20 million (2 crores) UPI user base, but later its area will be increased in a graded manner.
This is how this feature will work.
WhatsApp Payment will be available in ten regional languages in India. If your WhatsApp app already has a payment option, you can use it now. Otherwise, you can check the payment option by updating WhatsApp.
To use WhatsApp Payments, customers need to have a debit card that supports UPI. By going to WhatsApp Payment option, you can select the bank and activate it by filling in the details.
WhatsApp said in its statement, from today, WhatsApp users in the country will be able to make payments from this app. WhatsApp has teamed up with the National Payments Corporation of India to develop a UPI based payment interface and also focuses on data localization.
WhatsApp has partnered with five major banks for payment services. These include ICICI Bank, HDFC Bank, Axis Bank, SBI and JIo Payments Bank.
Notably that. Money can be sent from WhatsApp not only to WhatsApp but from WhatsApp to any UPI supported app. This means that even if someone is not using WhatsApp payments, you will be able to make payments through WhatsApp.
According to WhatsApp, payment will be secure here and a UPI PIN will be required for the transaction. WhatsApp payments will be available on both Android and iOS platforms, the company said in a statement. Users can update the app for it.
Paytm to compete
Paytm, Google Pay, and PhonePay will compete in the digital payment market with the launch of this service.
In addition, 140 banks such as Paytm Payments Bank, Airtel Payments Bank, and Axis Bank also offer services.
Paytm founder Vijay Shekhar Sharma has been consistently opposed to WhatsApp. He says the service is not secure for the user and there is a risk of fraud.
India is the largest market for WhatsApp. WhatsApp has a total of over 400 million active users in India.
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