People across India will now be able to send money through WhatsApp, as announced on Friday.
People can safely send money to a family member or share the cost of goods from a distance without having to exchange cash in person or going to a local bank.
This payments feature was designed on WhatsApp in partnership with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), an India-first, real-time payment system that enables transactions with over 160 supported banks. We’re excited to join India’s campaign to increase the ease and use of digital payments, which is helping expand financial inclusion in India.
The company said: “Just like every feature in WhatsApp, payments is designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment. Payments on WhatsApp is now available for people on the latest version of the iPhone and Android app”.
To send money on WhatsApp in India, it’s necessary to have a bank account and debit card in India.
WhatsApp sends instructions to banks, also known as payment service providers, that initiate the transfer of money via UPI between sender and receiver bank accounts.
“We’re delighted to be working with five leading banks in India: 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”, according to the company.
“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.
This secure payments experience that makes transferring money just as easy as sending a message launches in India five months after Facebook launched the payment solution in Brazil.