WhatsApp in Talks With NPCI to Enable Support for UPI-Based Payments on the App

Earlier this year, a report cited that WhatsApp will soon foray into the digital payments department by enabling UPI-based payment system to send and receive money directly within the app. And today, a new report says that the Facebook-owned company will roll out the UPI-based payment system by the end of the year.

WhatsApp

A report from Gadgets360 claims that the “WhatsApp is in advanced talks with banks and lobby organisation NPCI to add support for UPI-based payments on its app.” However, the source for the piece wanted to be anonymous.

“Because of several moving pieces that are involved in the talks and implementation, the rollout of UPI payments on WhatsApp could see a slight delay but added that so far the things are chugging along smoothly,” revealed the source.

At the moment, UPI is one of the trendings in the country. WhatsApp’s direct competitor in India, Hike Messenger, introduced the UPI payment system last month and the feature is now rolling out for Android users. And if WhatsApp rolls out the UPI payment system, it would become the largest UPI-based payment platform in India, beating other services such as Hike, Truecaller, BHIM, etc., because it has over 200 million active users in India.

The report also says that the “arrival of WhatsApp is much anticipated among users and industry watchdogs. Banks missed out on cashing in on demonetisation. Their mobile payment apps were nowhere as popular.”

The Government of India is also stepping its foot to promote the UPI payment system and even launched the BHIM app, which works on UPI. And the BHIM app has been a revelation in the country with 17 million downloads in less than a year. “Banks and their lobby group NPCI are now trying to fill that void with UPI. If UPI wins, they win,” concludes the report.

So, it’s now partially confirmed that WhatsApp will launch the UPI-enabled payment service in India. However, the company is yet to collaborate with a bank in India to carry out the transactional work.

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[…] this report is any true, then the UPI payments service by WhatsApp is bound to be a big hit in the digital payments sector. With WhatsApp having over 200 million […]

EQTN
July 12, 2017 10:00 am 10:00 AM

Meanwhile banks like Bank of India, started charging for UPI transactions

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