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Big news: With Whatsapp you will be able to exchange money, know when the service will start

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Transactions will be easier with WhatsApp

WhatsApp has received approval from the National Payments Corporation of India (NPCI) to launch the UPI payment service.

  • News18
  • Last Updated:November 6, 2020, 7:52 AM IST

new Delhi. Instant messaging app WhatsApp users can now easily transfer money in India. Through WhatsApp, you can send money to any other WhatsApp users or to UPI ID. Actually, WhatsApp has received approval from the National Payments Corporation of India (NPCI) to launch the UPI payment service.

Phase wise will expand
WhatsApp was testing the UPI system for a long time, but the privacy case was stuck. NPCI has given permission to allow WhatsApp to go live on Thursday. At present, only 20 lakh users will be able to take advantage of this service.

Over 200 million users

Currently, WhatsApp has more than 200 million users in India. It is believed that with the launch of WhatsApp Pay, phone pay, Paytm, Google Pay etc. will get a tough competition in the UPI payment market.

What is Unified Payment Interface / UPI
Unified Payment Interface or UPI (Unified Payments Interface) is a real time payment system, which can instantly transfer money to a bank account through a mobile platform. Through UPI you can link a bank account to many UPI apps. At the same time, many bank accounts can be operated through a UPI app.

200 crore UPI transactions in October
Significantly, amid the Corona crisis, people have made a new record sitting at home. In fact, during October 2020, in the case of UPI based transactions across the country, the country has crossed the Rs 200 crore mark in a month.

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