WhatsApp has rolled out a secure payments feature for its users in India, the experience is said to make the process transferring money as easy as sending a message.
WhatsApp designed the payments feature in partnership with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), an India-first, real-time payment system that enables transactions with over 160 supported banks.
This move ties in with India’s campaign to increase the ease and use of digital payments, helping to expand financial inclusion in India.
In order to make payments through WhatsApp in India, users need to have a bank account and debit card in India. WhatsApp will send instructions to banks, also known as payment service providers, that initiate the transfer of money via UPI between sender and receiver bank accounts.
WhatsApp is currently working with five banks in India namely ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. Users can send money on WhatsApp to anyone using a UPI supported app.
The payments feature on WhatsApp requires users to enter a personal UPI PIN for each payment. The feature on WhatsApp is now available for users on the latest version of the iPhone and Android app.
Featured Image: WhatsApp
