WhatsApp to offer this bank's payments feature soon?

Evarado Alatorre
Marcha 14, 2018

India's third largest private sector bank Axis Bank on Tuesday said it would soon be able to process payments over the popular chatting application WhatsApp.

The UPI-based WhatsApp Payments platform arrived in India in a test phase last month, bringing yet another digital payments platform to the country. The Whatsapp Payments feature will allow the instant messaging app users to send and receive money from within the app, similar to that of Paytm, Mobikwik and other payments services. Most major banks in India have announced partnerships or their intention to partner with various UPI-based payments systems.

"UPI we are the market leaders in terms of innovation, and we do believe that UPI is a huge opportunity".

"We are also working with partners like Google, WhatsApp, Uber, Ola and Samsung pay to be able to create the ecosystem for customers to be able to make payments", he said. "We are working in terms of creating a differentiated environment for our customers", Axis Bank Executive Director-Retail Banking, Rajiv Anand told reporters here.

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According to Bank officials, Axis Bank enjoys 20 per cent market share in the UPI space.

"We are in the process of integration for Whatsapp".

The new feature can be accessed by going into the WhatsApp app Settings Payments Send Payment Send to UPI ID (on top of the contacts list). Previously, users would first have to try to sending a payment via a conversation thread, using the Attach or Plus button, and if the recipient didn't have an associated payment account (or used a different phone number than they use for WhatsApp), the sender would then be shown the option to send it to a UPI ID directly. The feature is now available on the stable version (v2.18.31) on iPhone, and is also available on the WhatsApp beta (v2.18.75) on Android.

According to WhatsApp privacy policy, users will have to agree to the Payments Terms when they decide to use the feature.

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