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News Worms


Google, Facebook, WhatsApp and Amazon to support UPI-based Payments

Google, Facebook, WhatsApp and Amazon to support UPI-based Payments

Google isn't alone, others like Amazon, Uber and Whatsapp are also in the fray.

On the other hand, Google has also put the request to integrate UPI within firm's mobile wallet app Android Pay and is now waiting for an approval from the RBI. Earlier, another mobile app Truecaller, had entered into a partnership with ICICI Bank for payments using UPI.

WhatsApp might get UPI integration before Facebook if you go by the latest report. The company hasn't released any plans on this, but there will be a separate app with UPI integration for payments. It will not longer be a messenger, it can be used to transfer money to friends and families directly to their bank accounts. Officials added Android Pay will launch as an app, along with the UPI feature integrated in it.

Because of several moving pieces that are involved in the talks and implementation in India, the rollout of the UPI on WhatsApp could see a slight delay, the person said, but added that so far the things are chugging along smoothly.

"Google, Facebook and Whatsapp are very big players". Around the same time, Facebook also announced peer-to-peer payments through Messenger. Ola, Uber's arch rival in the ride-sharing market in India, had already integrated UPI in April. "Amazon was now testing for the same, while Uber is still conducting the process", Hota told reporters.

Amazon is also planning to enter packaged food industry in India and has been looking at integrating UPI on its app and website. In a statement, Uber said, "As a technology driven company, we applaud the potential and impact that fin-tech innovations like UPI can make". Last year, the volume of digital payments was 9.2 billion of which 3.5 billion had been contributed by the NPCI.

WhatsApp is the most popular messaging platform across the globe with 200 million active subscribers in India and 1.2 billion users globally.

The number of transactions under UPI was around 26 million in the first quarter of the fiscal year, short of the 40 million target set by the finance ministry, data from the National Payments Corp of India (NPCI), which manages the payment railroad, shows. It is now supporting over 30 banks.

"Bank-led UPI apps are hardly showing any transactions; other than Axis Bank and Yes Bank not much of marketing is being done by banks to promote UPI as a payment mode", he said. This year, it is aiming to contribute about 11 Bn digital transactions.

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