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WhatsApp is now in partnership with India’s top 4 banks for WhatsApp Payments !!!

WhatsApp has partnered with State Bank of India, ICICI Bank, HDFC Bank and Axis Bank to offer UPI-payment services on WhatsApp Payments in India.

WhatsApp Payments went live in India in November, and is now in partnership with top four banks in India in order to provide the digital payments service for its users.

Nov 5th, the NPCI last month allowed WhatsApp to roll out payments support based on the Unified Payments Interface (UPI) in a “graded manner”. According to NPCI, WhatsApp is allowed to go live on a peer-to-peer (P2P) basis with a maximum registered user base of twenty (20) million users, enabling them to transfer money through WhatsApp.

“These collaborations between the country’s apex banking organizations and WhatsApp Payments, enabled by UPI, aim to accelerate the adoption of the digital ecosystem to the unbanked, and drive Government of India’s agenda of building a more digitally enabled, financially inclusive and self-reliant Bharat,” WhatsApp said in a statement.

The main aim of WhatsApp Payments is to make the P2P or person-to-person payments as easy as sending a WhatsApp text message. The WhatsApp Payments service allows its users to link their respective bank account through UPI, which will help them further in sending money to other WhatsApp contacts or receiving money from one in a hassle free manner.

The Facebook-owned WhatsApp is worlds’ biggest messaging app with around 2 billion active users worldwide. WhatsApp has a userbase of 400 million in India, among which WhatsApp’s payment feature is initially available for up to 20 million users. WhatsApp Payments has already registered 0.3 million transactions worth 13 crore, according to November’s UPI stats published by NPCI.

“Banking on WhatsApp offers immense convenience to our customers as it allows them to bank seamlessly while they are on WhatsApp. Keeping the convenience in mind, we introduced banking services on WhatsApp in April,” said Bijith Bhaskar, Head – Digital Channels & Partnership, ICICI Bank.

“Now with WhatsApp Payments, there is a unique opportunity to scale essential financial services to people all over the country with ease. We are delighted to partner with WhatsApp and wish them the very best. We look forward to continuing offering ease and convenience to our customers by providing them with a host of services through this partnership,” added Bhaskar.

“HDFC Bank is happy to be part of the launch by WhatsApp. We believe this is yet another important step toward achieving financial inclusion and making affordable financial services available to Indians,” said Parag Rao, Country Head – Payments Business, Consumer Finance, Digital Banking & Marketing, HDFC Bank.

“As a digital ally, WhatsApp has the potential to support our customers in a seamless manner through servicing, onboarding, and managing grievances, all, on the same platform. We have been actively committed to enabling the drive towards a Digital India, and in this endeavor continuously work on innovation-led partnership models to offer digital banking solutions to customers,” said Sanjeev Moghe, EVP & Head – Cards & Payments, Axis Bank.

“We’re excited and privileged to partner with State Bank of India, ICICI Bank, HDFC Bank and AXIS Bank to bring simple and secure digital payments to WhatsApp users across India. UPI is a transformative service and we jointly have the opportunity to bring the benefits of our digital economy and financial inclusion to a large number of users who have not had full access to them before,” said Abhijit Bose, Head of WhatsApp, India.

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Kavita is a tech enthusiast. She is the co-founder and Content Strategist of Technologydunia.in . She is also an Instagram Food Blogger. She is a foodie by day and writer by night. You can follow her food blog on Instagram @thatfoodiefreak .



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