Facebook-owned Whatsapp today has launched a UPI payment service in India. Now people across India will be able to send money through Whatsapp.
According to the company, to design their payments system Whatsapp is partnered with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), which enables transactions with over 160 supported banks.
Mr. Zuckerberg, Founder, and CEO of Facebook, in a video message, added that “I am excited today that WhatsApp has been approved to launch payments across India. 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.”
“India is the first country to do anything like this. I’m glad we were able to support this effort and work together to help achieve a more digital India. I want to thank all our partners who’ve made this possible,” he also added.
Whatsapp said in their official blog, It is a secure payment system that makes transferring the money just as easy as sending a message. People can safely send their money to a family member or share the cost of goods from a distance without having to exchange cash in person or going to a local bank.
Although to send money on WhatsApp in India, it’s necessary for users to have a bank account and debit card in India.
The company said, “We’re delighted to be working with five leading banks in India: ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank.”
Payments on WhatsApp is now available for people on the latest version of the iPhone and Android app.