Facebook-owned WhatsApp has finally been granted approval to launch payment across India after it was first launched in 2018. One can easily send money to your friends and family through WhatsApp just as easily as sending a message with no fee attached to the service according to Mark Zuckerberg.
According to a blog post by WhatsApp, the National Payments Corporation of India (NPCI) has granted approval for the service using the Unified Payment Interface (UPI). This allows interoperability between different apps and is also used by Walmart’s PhonePe and Google Pay, two of the largest UPI mobile payment providers in the country.
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The service will begin with over 160 supported banks with some leading banks including 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 but it is necessary to have a bank account and debit card in India according to the Post.
Just like every feature in WhatsApp, payments are designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment.