ADVERTISEMENT

New WhatsApp Version Shows UPI Payment Feature

WhatsApp is already in talks with the NPCI and a few banks to facilitate financial transactions via the UPI.

Published
Tech News
2 min read
Facebook bought WhatsApp for $19 billion in early 2014.
i

WhatsApp will soon facilitate instant money transfer via the Unified Payments Interface (UPI) transaction system, a new Beta update by the Facebook-owned mobile messaging platform revealed.

According to WABetaInfo, a blog website, late on Wednesday, WhatsApp was finally giving shape to its plans of bank-to-bank transfer using the UPI system.

In the new version ‘2.17.295’ through the Google Play Beta programme, it says: “WhatsApp Payments: the immediate bank-to-bank transfer with UPI.”

The official “WhatsApp Payments” section for Android is still under development.

Launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI), UPI facilitates instant fund transfer between two bank accounts on the mobile platform.

With over 200 million monthly active users, WhatsApp has been in the news for working towards a UPI-based interface. According to media reports, WhatsApp is already in talks with the NPCI and a few banks to facilitate financial transactions via the UPI.

Some mobile messaging platforms like WeChat and Hike Messenger already support UPI-based payment services.

The NPCI announced in July that UPI had crossed the 10-million transaction mark in June 2017, registering a 10-fold increase in 11 months from one million UPI transactions in August 2016.

Transactions on UPI are growing exponentially due to increased acceptance among member banks, merchants, and consumers. Plus, the UPI-powered Bharat Interface for Money (BHIM) has also been a significant contributor
AP Hota, Managing Director and CEO, NPCI
ADVERTISEMENT

The firm said the volume of UPI transactions was 10.35 million in June, up from 9.36 million in May and 7.20 million in April.

The UPI transaction system was launched in August 2016 with 21 banks, and was now offered by around 50 banks. Hota said around 22 percent transactions are merchant-based, which is also growing rapidly.

(Love your mother tongue? This Independence Day, tell The Quint why and how you love your bhasha. You may even win a BOL t-shirt! Sing, write, perform, spew poetry – whatever you like – in your mother tongue. Send us your BOL at bol@thequint.com or WhatsApp it to 9910181818)

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

ADVERTISEMENT
ADVERTISEMENT
Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!
ADVERTISEMENT