Tuesday, 24 October, 2017

WhatsApp Gets NPCI's Approval For UPI Payments Through Multi Bank Partnerships

The NPCI has been tasked with facilitating at least 11 billion digital transactions this fiscal said CEO A.P. Hota The NPCI has been tasked with facilitating at least 11 billion digital transactions this fiscal said CEO A.P. Hota
Garry Little | 12 July, 2017, 00:18

Google's entry into payments, along with global competitors like Amazon and Whatsapp, can disrupt the market that Paytm, MobiKwik and others have built.

Facebook and WhatsApp are the large players....

Ever since PM Modi launched Aadhar-based BHIM mobile app in December to make digital payments seamless, the Unified Payments Interface or UPI system has gained a significant boost. NPCI is an umbrella organisation for all retail payment systems in India. Google India will join the rally with its own UPI app for hundreds and thousands of netizens in the country, Zeebiz reported.

If you're an avid Uber user, keep a lookout for the official announcement by Uber, integrating UPI on their app.

On the other hand, other global players like Facebook, WhatsApp are claiming for UPI integration on their platforms.

The number of transactions under UPI was around 26 million in the first quarter of the fiscal year, short of the 40 million target set by the finance ministry, data from the National Payments Corp of India (NPCI), which manages the payment railroad, shows. Since about 60% of these cab drivers still get paid in cash by customers, UPI payments will help Uber's drivers make their payments to Uber using UPI.

Google is all set to launch UPI payments in the next two to three months and testing for the same has been nearly completed, according to him.

"As a first step, we will look at offering our riders the option to use their existing UPI IDs to pay for their Uber rides", he added. "Truecaller, PhonePe, Chiller- there are sixteen such big fin-tech companies", he added. "It is the future of Indian payments and we are proud to be a partner in this monumental mission of the government to facilitate digital payments led society".

Overall digital transactions, which in many cases doubled after demonetisation, has corrected and is expected to attain a new normal of around 30-40% growth over transaction volumes a year ago. WhatsApp, which has plans to foray into payments business, has been in talks with banks such as Axis Bank, ICICI Bank and Punjab National Bank, the report said. It will not be launching its own app despite it will be using UPI on its portal for payment.

WhatsApp is the most popular messaging platform across the globe with 200 million active subscribers in India and 1.2 billion users globally. This year, it is aiming to contribute about 11 Bn digital transactions.

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