WhatsApp is one of the most popular texting apps in India. There are 20 million users of this app in India. This application is operating on the beta version for 2 years. Now it has finally received regulatory approval. This got approval from the National Payment Council of India (NPCI). The users can now unroll it’s payment features to a wider user base in India. Earlier in 2018, the company has been testing this feature with many users. And now this extension is nationwide. This update is in 10 regional languages. The users of Android as well as iOS can use this new rollout.
WhatsApp UPI Payment Infrastructure
Earlier WhatsApp is just for texting, having some fun and serious conversations with friends and family. Now it has got the UPI Payment Infrastructure this will helps many small businesses in the country. Currently, it is holding the transactions with few banks only. These banks include ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. These days only Google and Walmart are one of the biggest apps which are dealing with mobile payments in India. With the introduction of these UPI payments, the users will get so many options for handy and skillful payment transactions. Now the collaboration of this feature with WhatsApp will help the users in many ways. It could lead to the easiest way of transferring money to each other. For micro and small businesses, this could be a blessing for them. As we all know that Whatsapp is one of the most popular apps and using it is a payment app that will give benefits to the users.
WhatsApp online Payment, Just 30% UPI transactions
Not only the new rollout but also the NPCI’s announcement. They have announced that no app could process more than 30% of all UPI transactions in a month. And this could be the plus point for the WhatsApp new rollout. This will lead to the diversification of various businesses. Also at stake in India’s mobile payments market. It is estimated that by 2023 the stake could reach $1 trillion which is amazing.