‘We are working with five leading banks in India: ICICI Bank, HDFC Bank, Axis Bank, State Bank of India and Jio Payments Bank. People can send money on WhatsApp to anyone using a UPI-compliant app, ‘according to a blog post
Following the approval of the National Payments Corporation of India (NPCI) to Facebook-owned WhatsApp to implement its payments service in India, Mark Zuckerberg said on Friday that payments were already available on 10 versions of the platform in Indian regional languages.
Mr. Zuckerberg, founder and CEO of Facebook, in a video message added that with UPI, on which WhatsApp payments are built, India had created something “truly special” and was opening up a world of opportunity for companies. micro and small businesses that were the backbone of the Indian economy.
“I am excited today that WhatsApp has been approved to launch payments in India. Now you can send money to your friends and family via WhatsApp as easily as sending a message. There is no fee and it is backed by more than 140 banks. And since WhatsApp is, it is also secure and private, ”he said.
“India is the first country to do something like this. I am glad that I was able to support this effort and work together to help bring about a more digital India. I want to thank all our partners who have made it possible, “he added.
Zuckerberg said that when people were able to access financial tools, they were better able to support themselves and others, or start a business. In the long run, there was a need for more innovation that gave people control over their money, and making payments easier was one small step that could really help, he said.
In a blog post, WhatsApp explained that to send money in India, you needed to have a bank account and a debit card. WhatsApp would send instructions to the banks, also known as payment service providers, who initiated the transfer of money via UPI between the sender’s and receiver’s bank accounts.
“We are delighted to be working with five leading banks in India: ICICI Bank, HDFC Bank, Axis Bank, State Bank of India and Jio Payments Bank. People can send money on WhatsApp to anyone using a UPI-compliant app. “He said that for added security, a personal UPI PIN would be required for each payment.
Payments on WhatsApp are now available to people with the latest version of the iPhone and Android app, he said.
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