These include State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, as well as Jio Payments Bank.
The Facebook-owned messaging platform, WhatsApp Inc. received approval from the National Payments Corporation of India (NPCI) to launch its Unified Payments Interface based payments services in India, to let users send or receive money across the country.
The service however, be expanded in graded manner which means that initially, Whatsapp could only roll out the payments service only to its 20 million users.
The payment system would be rolled out in ten Indian regional languages in the latest version of the WhatsApp app.
WhatsApp has also stated that in order to send or receive money in India, and it’s necessary to have one’s personal bank account and debit card.
“WhatsApp sends instructions to banks, also known as payment service providers, that would initiate the transfer of money via UPI between sender and receiver bank accounts.
WhatsApp works on UPI, the same system that other payments service such as Google Pay, Phone Pay, and BHIM use where one doesn’t have to hold any amount in a Whatsapp’ wallet’.
The money would be in your bank account, and the messaging app will help you transfer the amount to other people and vice versa.
A user will also have to enter a personal UPI PIN for each transaction while using WhatsApp for payments.