WhatsApp recently got a nod for its payment in India. Now, through WhatsApp also, people can use and do UPI payments in India. And after this news, this payment feature will be available in various different languages. The payment feature for WhatsApp will be available in the latest update. It got the green light from the National Payments Corporation of India (NPCI).
“Payments are available now in 10 Indian regional language versions of WhatsApp. All you need is a debit card with a bank that supports UPI and you can set it up straight away. You can find it in the latest version of WhatsApp,” the chief executive officer at Facebook, Mark Zuckerberg, said.
WhatsApp was trying for the last 2 years to get a nod for its payment feature. And just recently, NPCI agreed with WhatsApp for its UPI payment services in India.
Biggest Competitors in UPI According to NPCI
Already, UPI payments have very big competitors. And WhatsApp is going to compete with them. India is a pretty huge market for these payments but at the same time, there is a neck to neck competition too. Paytm, Google Pay, and PhonePe are the biggest market shareholders in this area. And along with these, banks have their own applications too. NPCI gave WhatsApp a green signal when it also announced that UPI transactions are increasing rapidly. NPCI also introduced a market share cap of 30% on the volume of UPI transactions starting January 2021.
But WhatsApp is not allowed to expand its payment feature to the whole market. In India, WhatsApp is having a market and users of about 400 million. But in the starting, it can only offer this feature to 20 million users. After that slowly it will be able to expand itself. But, before this, 1 million users are already enjoying this feature due to its Beta phase.
The payments feature built on the UPI framework “makes it easy for anyone to instantly accept payments across different apps, and for companies to provide people with great services”, Zuckerberg said.
Banks Linked with UPI Payments
This UPI payment platform is much wide in India. And is slowly expanding too. And the majority of its transactions are done through 5 major banks. These banks are State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, and Jio Payments Bank. But with WhatsApp people will be able to transfer funds from around 160 banks.
The dispatch of WhatsApp Pay had seen extensive deferrals, from the outset because of information restriction standards presented by the Reserve Bank of India. WhatsApp Pay likewise confronted a test in the Supreme Court prior this year, when a supplication was documented with respect to a pilot installment program being controlled by the organization.
WhatsApp has just been growing past informing in India. In October, BloombergQuint had announced that WhatsApp has entered the internet business space which will permit clients to shop and before long compensation utilizing the informing administration.
In April, Bloomberg had detailed that Mukesh Ambani’s Jio Mart was trying a WhatsApp-moved online store in India, where clients will have the option to arrange items legitimately from their informing application.
WhatsApp’s proprietor Facebook had inked a $5.7 billion venture to manage Ambani’s Jio stages in April.