Mumbai-based private lender Axis Bank is all set to partner with popular messaging application WhatsApp to process payments. Bank officials said WhatsApp is currently undergoing integration following successful beta version trials.
The Facebook-acquired app is in the test phase of its payments process and will be using the Unified Payment Interface (UPI) for processing payments.
Terming the UPI as a "huge opportunity", Axis Bank Executive Director - Retail Banking, Rajiv Anand said: "In UPI, we are the market leaders in terms of innovation. We believe that UPI is a huge opportunity. We are working in terms of creating a differentiated environment for our customers."
Operators such as Google and WhatsApp are platforms through which digital transactions can be carried out. Their bank partners (like Axis Bank) help them in fund transfers. WhatsApp has also tied up with ICICI Bank to launch its payment services last month.
Adding that Axis Bank enjoys 20 per cent market share in the UPI space, Anand said the bank has been working on similar payment interfaces with Google, Uber, Ola and Samsung.
"Payments have always been at the core of our business and it is good to note that consumers continue to embrace the various digital modes of payments," Anand told The Hindu Business Line.
He added that Axis Bank is increasingly investing in newer digital payment methods, which would get more people to use digital mode. Over 66 per cent of the bank's transactions were made through digital modes in Q3 FY18 as against 52 per cent in Q1 FY17.
AxisPay UPI has touched over 10.4 million registrations since its launch with around 65 lakh Virtual Payment Addresses.
The bank is also focusing on credit and debit cards. Axis is the market leader in installing 'card-acceptance terminals', for the Q3 FY18, the number stood upwards of 4,79,200.
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