WhatsApp Pay has finally gone live in India. The company on Friday announced that the feature will be available in India starting today. WhatsApp in its blog has mentioned that it wants to make money transferring as easy as sending messages on the app. India currently has many payment apps including Paytm, PhonePe, Google Pay among others.
Starting today, people across India will be able to send money through WhatsApp 💸 This secure payments experience makes transferring money just as easy as sending a message. pic.twitter.com/bM1hMEB7sb
— WhatsApp (@WhatsApp) November 6, 2020
— Economic Times (@EconomicTimes) November 6, 2020
WhatsApp has designed its payments feature in partnership with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), an India-first, real-time payment system that enables transactions with over 160 supported banks.
WhatsApp has partnered with five leading banks in India including ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. “To send money on WhatsApp in India, it’s necessary to have a bank account and debit card in India. WhatsApp sends instructions to banks, also known as payment service providers, that initiate the transfer of money via UPI between sender and receiver bank accounts,” WhatsApp said. People can also send money through WhatsApp to anyone who is using an app that supports UPI.
In a bid to enhance security and privacy on the app, WhatsApp will make users enter UPI Pin for every payment. The company has said that “payments are designed with a strong set of