After receiving the ‘go-ahead’ approval from National Payments Corporation of India (NPCI), Facebook today announced that people across India will be able to send money through WhatsApp.
In order to use this feature, you need to have a bank account and debit card in India. When you make a payment to someone, WhatsApp sends instructions to banks to initiate the transfer of money via UPI between sender and receiver bank accounts. WhatsApp payment service will work with ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. People can send money on WhatsApp to anyone using a UPI supported app.
WhatsApp Payments feature is now available on the latest version of the iPhone and Android app.
“In the long run, we believe the combination of WhatsApp and UPI’s unique architecture can help local organizations address some of the key challenges of our time, including increasing rural participation in the digital economy and delivering financial services to those who have never had access before,” wrote WhatsApp team.