Ending Soon! Save 33% on All Access

WhatsApp Payments Gets Support From SBI, ICICI Bank, HDFC Bank & Axis Bank to serve UPI customers across India WhatsApp Payments currently is allowed to serve upto 20 million users

By Debarghya Sil

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pixabay

After getting a nod from National Payments Corporation of India for payments feature in India, Facebook-owned WhatsApp on Wednesday announced that its "WhatsApp's Payments' feature will now be available to users across the country (currently up to 20 million users) with support from banking partners such as State Bank of India, HDFC, ICICI and Axis Bank.

The most popular messenger last month went live with payments feature on a peer to peer (P2P) basis thus allowing its users to transfer money through the same app. The company claims that its payments feature will add impetus to the growth of digital transactions in India.

Speaking about WhatsApp Payments' teaming up with multiple banks, Abhijit Bose, head of WhatsApp, India said, "We're excited and privileged to partner with State Bank of India, ICICI Bank, HDFC Bank and AXIS Bank to bring simple and secure digital payments to WhatsApp users across India. UPI is a transformative service and we jointly have the opportunity to bring the benefits of our digital economy and financial inclusion to a large number of users who have not had full access to them before."

State Bank of India (SBI) is the country's largest commercial bank that serves over 45 crore customers. With over 120 million UPI users, the Bank commands a 28% market share as a Remitter Bank, highest in the UPI ecosystem.

Bijith Bhaskar who leads the digital channels and partnership of ICICI Bank said that this initiative has helped their customer bank conveniently and remotely without visiting the branch during the pandemic. He said that in a short period of time they have received encouraging responses and claimed that over two million users have adopted banking services on WhatsApp in this short period.

Parag Rao, country head - payments business, consumer finance, digital banking & marketing, HDFC Bank said these partnerships will further fuel the economic growth and development of the Nation.

"We, at the Bank, stand committed towards creating the necessary railroads to enable convenient access to financial products and services across the length and breadth of the country," he added.

Debarghya Sil

Entrepreneur Staff

Former Correspondent

Business News

Apple iPhone 7 Users May Be Owed a Slice of a $35 Million Settlement — Here's How to Claim Your Share

Previous (and current, no judgment) iPhone 7 users may be entitled to up to $349. The deadline to file a claim is June 3.

Growing a Business

The Power of Networking — 5 Tips on Building Strategic Alliances for Business Growth

Who is on your side? Who has your back? It doesn't have to be lonely at the top. We look at five practical ways you can network to achieve the best for you and your business.

Innovation

How Corporate Investment Helps Startups Deploy Technology Faster Than Ever

Financial resources, strategic alignment, access to expertise, market validation and operational support make this deployment possible.

Science & Technology

Bad Data: The $3 Trillion-Per-Year Problem That's Actually Solvable

How the right tech can help entrepreneurs make data more accessible and accurate, avoiding massive losses in the process.

Science & Technology

5 Common AI Buzzwords All PR Pros Need to Know

With so many AI buzzwords flying around, it can be difficult for communicators to understand what's what in the field of artificial intelligence. Here's a glossary of the most common AI buzzwords you should know to have a better grasp of this groundbreaking technology.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.