WhatsApp gets NCPI nod for payments, to tie up with multiple banks
- Author: Toni Ryan Jul 12, 2017,
Jul 12, 2017, 0:21
Prime Minister Narendra Modi's Digital India initiative will get another boost in the days to come as the world's largest internet search company brings UPI payment system in the country. On Monday, the National Payments Corporation of India CEO AP Hota has disclosed.
Google is in advanced talks with NPCI to integrate Android Pay with UPI, and testing is already complete, if you go by NPCI's latest comment. Such an integration is technologically possible but we are waiting for the Reserve Bank of India's approval.
Google announced the launch of Android Pay globally in March 2015.
Android Pay is a mobile wallet originally launched in 2015 in the US. Considering the fact that Android is a dominant operating system in India with the huge user base. WhatsApp has a reasonably large user base in the country, large enough to match the leading mobile payments service at the moment. He also added that the debates are the preliminary stage for Facebook. The final approval now is for RBI to give, after which WhatsApp can quickly allow UPI on its app.More news: Samsung bringing $380 million plant, 954 jobs to Newberry County
Facebook and WhatsApp are expected to integrate the payment method with their instant messaging. Instead of having a separate app for different banks, UPI combines several banking features into one and enables seamless fund transfers, merchant payments, peer-to-peer collection requests and much more.
Each of the banks in the UPI can have their application; he said that fifty banks are segments of UPI and out of them. "Technically it is feasible, but RBI would have to take a holistic look. they will have to look whether there are any risks other than the technology aspect", he added. Including Truecaller, Phone, and Chiller, there are 16 such big fin-tech companies.
WhatsApp is the most popular messaging platform across the globe with 200 million active subscribers in India and 1.2 billion users globally. "UPI is the future of Indian payments and we are proud to be a partner in this monumental mission of the government to facilitate a digital payments led society", a spokesperson for Uber told Mint.
The number of transactions under UPI was around 26 million in the first quarter of the fiscal year, short of the 40 million target set by the finance ministry, data from the National Payments Corp of India (NPCI), which manages the payment railroad, shows.