One of the media giants, Watsup, has successfully built a payment system for users in India.
It should be noted that this new development is coming after the first one was launched in Brazil in the 2nd quarter of 2020.
According to techcrunch,
After months of talks and trials, WhatsApp has finally pulled the trigger on payments in its app. Today the Facebook-owned messaging service announced that users in Brazil would be the first to be able to send and receive money by way of its messaging app, using Facebook Pay, the payments service WhatsApp owner Facebook launched last year.
According to the company’s recent blog post, “people across India will be able to send money through WhatsApp. This secure payments experience makes transferring money just as easy as sending a message. People can safely send 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”
Read the full blog post below:
Send Payments in India with WhatsApp
Starting today, people across India will be able to send money through WhatsApp. This secure payments experience makes transferring money just as easy as sending a message. People can safely send 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.
WhatsApp designed our 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. We’re excited to join India’s campaign to increase the ease and use of digital payments, which is helping expand financial inclusion in India.
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. 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. People can send money on WhatsApp to anyone using a UPI supported app.
In the long run, we believe the combination of WhatsApp and UPI’s unique architecture can help local organizations address some of the key challenges of our time, including increasing rural participation in the digital economy and delivering financial services to those who have never had access before.
Just like every feature in WhatsApp, payments is designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment. Payments on WhatsApp is now available for people on the latest version of the iPhone and Android app.