WhatsApp To Partner With Banks To Enable Money Transfers

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NPCI, which is the umbrella organisation for all retail payments system in India, also said Facebook is in discussion with it, regarding rolling out of their UPI payment services.

Google is in advanced talks with NPCI to integrate Android Pay with UPI, and testing is already complete, if you go by NPCI's latest comment.

While with its Android Pay application Google has supposed to have a separate app, Facebook and WhatsApp has scheduled to integrate with their instant messaging. Besides, the corporation will soon be launching multi-bank UPI partnerships for global players such as Google and Whatsapp soon. UPI's monthly transactions crossed the one-crore mark in June, as more banks and private companies are starting to adopt the payment system. The government launched BHIM app which transfers money between different bank accounts. Hota further adds that the e-commerce giant will not develop its own app, but will instead use a pay button for UPI on its portal. "This year, we are aiming to contribute about 11 billion digital transactions", Hota said in a statement.

Back in 2015, Facebook announced peer-to-peer payments on its Messenger app. Google and Whatsapp will join this league soon. Inc42 reported in April 2017 that WhatsApp was looking to enter the payments space in India.

Uber's rival in India, Ola has already added support for UPI. "Amazon was now testing for the same, while Uber is still conducting the process", Hota told reporters. Including Truecaller, Phone, and Chiller, there are 16 such big fin-tech companies.

Each of the banks in the UPI can have their application; he said that fifty banks are segments of UPI and out of them.

Facebook-owned WhatsApp is also keen to introduce peer-to-peer payments in India, which has over 200 million active users in the country.

After demonetization past year, online payment apps have witnessed a humungous amount of transactions which resulted in the rise of UPI platforms. "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".

WhatsApp has reportedly been in talks for a while with banks including Axis Bank, ICICI Bank, and Punjab National Bank, and the approval for multi-bank partnership puts its payment business ambitions on the fast track.

As per Hota, last year, the volume of digital payments was 9.2 Bn of which 3.5 Bn had been contributed by the NPCI.

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