2 min read.Updated: 02 Dec 2020, 02:45 PM IST Written By Staff Writer
WhatsApp Pay is currently working with five banks in India - ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank - and people can send money on WhatsApp to anyone using a UPI supported app
Last month, WhatsApp Pay rolled out its payments services in India, which counts as its biggest market with over 400 million users, after receiving nod from the National Payments Corporation of India (NPCI).
After launch, the Facebook-owned company said that its payments feature has been designed in partnership with NPCI using UPI, an India-first, real-time payment system that enables transactions with over 160 supported banks. With this, - will compete with players like Paytm, Google Pay, Walmart-owned PhonePe and Amazon Pay.
However, even with a 400-million user base in the country, WhatsApp Pay will only be rolled out to 20 million WhatsApp users. That's because NPCI has said that a 30% cap will be implemented on total payment volumes via every third party payments app from January 1, 2021.
Currently, it is working with five banks in India - ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank - and people can send money on WhatsApp to anyone using a UPI supported app.
To send money on WhatsApp in the country, it’s important to have a bank account and debit card in India. The Facebook-owned messaging app will send instructions to banks, also known as payment service providers, that will initiate the transfer of money via UPI between sender and receiver bank accounts.
With this, WhatsApp users can send money to anyone using a UPI supported app.
While using WhatsApp for payments, one needs to enter a personal UPI PIN for each transaction.