Users can now send money through WhatsApp in India’s massive digital payments market

Facebook-owned messaging service WhatsApp will let users in India send money through the app starting Friday provided that they have a bank account and debit card in India. WhatsApp said in a blog post that it is working with five major banks in India: ICICI Bank, HDFC Bank, Axis Bank, State Bank of India — the largest public lender in the country — and Jio Payments Bank. India is one of the largest markets for WhatsApp with more than 400 million users.
Bitcoin Cash News Team

Bitcoin Cash News Team

Facebook-owned messaging service WhatsApp will let users in India send money through the app starting Friday, as long as they have a bank account and debit card in India.

India is one of the largest markets for WhatsApp with more than 400 million users.

WhatsApp said in a blog post that it is working with five major banks in India: ICICI Bank, HDFC Bank, Axis Bank, State Bank of India — the largest public lender in the country — and Jio Payments Bank.

The new feature is available on the latest version of WhatsApp on Apple’s App Store and Google’s Play Store. It was designed using the United Payments Interface (UPI), an infrastructure created by the country’s top payments processor, the National Payments Corporation of India (NPCI).

Mobile apps built on the UPI infrastructure can access multiple bank accounts in a secure manner and merge services like making digital payments and peer-to-peer money transfer in real time.

UPI is one of the most dominant methods of digital payments in a market that is projected to more than double from $64.8 billion in 2019 to $135.2 billion in 2023, according to an industry report last year. What makes UPI stand out from mobile wallets is its interoperability.

For most other mobile wallets, both the user and merchant need to have the same wallet platform for a transaction to be processed. That is not required for UPI — users and merchants can use different platforms that are built on the framework for the transaction.

 

With UPI, India has created something truly special. It’s opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy.

All major payment names in India use the UPI framework, which processed more than 2.07 billion transactions in October, up from around 1.80 billion a month earlier. It is supported by nearly 190 lenders in the country.

India’s top payments processor on Thursday said it gave WhatsApp approval to roll out its payments feature on the UPI and gradually scale up. “WhatsApp can expand its UPI user base in a graded manner starting with a maximum registered user base of twenty (20) million in UPI,” the NPCI said in a statement.

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Beam says it has “gone out of its way” to try to process their requests, in an email sent to customers on Monday. The company blamed Dwolla and Huntington for failing to act. In a previous email on Oct, 27, and in a statement the same day to CNBC, Beam claimed that Dwolla froze certain accounts after discovering that customers were committing unspecified fraud.

In its most recent statement to CNBC, Beam said it does not hold the funds in question.

“We have been working with Dwolla and Huntington, the third-party providers, and are progressing, though the speed of progress largely rests with them now. We gave them all the information necessary on Nov. 5,” the statement said.

A lawsuit filed early last week against Beam in a Columbus, Ohio court by Dwolla, Huntington, and a third vendor, New York-based Stable Custody Group, said Beam’s statements to its customers and to CNBC “were not accurate.”

The suit says that despite Beam’s claims, Dwolla never placed a hold on any Beam customer funds. In fact, Dwolla never held any customer funds in the first place.

“Any delays in customers receiving their funds was solely due to Beam’s delays,” the suit says.

The suit says that despite Beam’s claim that the company is “working 24/7” to solve the problems, it has yet to provide any instructions to the vendors for the return of customers’ funds. The suit said that only Beam has the information about its customers identities and their deposits that would be necessary to return the funds. It asks the court to order Beam to work with the vendors to return the customers’ funds, and for a judgment declaring that the vendors acted properly.

“Beam strongly disagrees with several of the allegations stated in the complaint,” the spokeswoman said in her statement. “The complaint by definition cannot be taken as true, because it is filed by them, so it’s one-sided in nature.”

The payments feature is available in 10 Indian regional language versions of WhatsApp, Facebook CEO Mark Zuckerberg said in a video statement.

“With UPI, India has created something truly special. It’s opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy,” he said.

WhatsApp initially rolled out a peer-to-peer payments service for limited users in India in early 2018 and spent the subsequent time clearing regulatory hurdles, according to various media reports.

WhatsApp will face competition from the likes of Google Pay, Walmart’s PhonePe and Alibaba-backed Paytm, which also has its own mobile wallet.

 

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