You might soon be able to make payments on WhatsApp thanks to the National Payments Corporation of India (NPCI). The NPCI gave WhatsApp a green signal to enter partnerships with multiple banks which will allow users of the instant messaging platform to pay and transfer money using Unified Payments Interface (UPI).
With the new sanction WhatsApp will have a whole new dimension to it. Considering the massive reach the application commands, it was allowed enter partnerships with various banks for smooth processing.
Facebook and WhatsApp are expected to integrate the payment method with their instant messaging. US technology giant Google too has completed the testing of its Unified Payments Interface (UPI) payment service and is awaiting RBI approval to roll out its service in the country, NPCI CEO AP Hota disclosed on Monday.
He also said that Facebook and WhatsApp too are in discussion with NPCI regarding the launch of their UPI payment services in the country. NPCI is the umbrella organisation for all retail payments system in India.
According to data from NCPI, last month UPI crossed 10 million transactions valuing Rs. 3,000 crore with just 22 per cent being merchant-based transactions.
UPI-enabled apps allow transactions to be done through any smart phone using VPA (Virtual Payment Address). The aim is to enable people to complete transactions in less time by reducing the number of steps. The transactions can be done 24/7; the transfer happens on a real-time basis.
The best thing is that there is no need to share personal details such as bank account or credit/debit card number. UPI-enabled apps allow transfers up to Rs 1 lakh.