Whatsapp Partners with 5 Banks for UPI Payment

Whatsapp Partners with 5 Banks for UPI Payment

• On 06 November 2020, the Facebook-owned messaging platform, WhatsApp Inc., has received the approval from the National Payments Corporation of India (NPCI) to launch its Unified Payments Interface (UPI) based payments services in India, to let users send or receive money across the country.
• The messaging platform began the pilot operations of its payments service in India with 1 million users in early 2018.
• Whatspp has partnered with five Indian banks to process its payment services. These are State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and Jio Payments Bank.
• The service can however be expanded in graded manner. It means that initially Whatsapp can only roll out the payments service to only its 20 million users.
• The payment system will be rolled out in ten Indian regional languages in the latest version of WhatsApp app on Android and iOS.

Points to Remember:

1. Whatsapp has partnered with how many banks to launch UPI-based payment system in India?