Published: Wed, July 12, 2017
Sci-tech | By Jackie Newman

Google, Facebook, Whats App soon Provides the Facility to Pay

Google, Facebook, Whats App soon Provides the Facility to Pay

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. Some of the banks WhatsApp is in talks are Axis Bank, ICICI Bank, Punjab National Bank among others.

NPCI, which is the umbrella organisation for all retail payments system in India, also said Facebook is in discussion with it, regarding rolling out of their UPI payment services. Google and apps such as WhatsApp and Facebook will have a pervasive presence in India.

Global companies like Amazon, Google, Facebook and Uber are looking to implement Unified Payment Interface (UPI) on their platforms.

Cashless transactions have been gaining pace in India, and UPI is an easy alternative to mobile wallet payments, plus more secure than card transactions. Hota further adds that the e-commerce giant will not develop its own app, but will instead use a pay button for UPI on its portal. Basically, it allows users to make contactless payments using their smartphone at selected retailers. Besides that, Facebook announced peer-to-peer payments on its Messenger app back in 2015.

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According to Hota, there are 50 banks who are members of UPI and out of them, 37 have developed their own UPI applications. Uber's Indian rival Ola had integrated it in April this year. "Amazon was now testing for the same, while Uber is still conducting the process", Hota told reporters. "Truecaller, PhonePe, Chiller- there are sixteen such big fin-tech companies".

Amazon India received a nod from RBI to launch its digital payments service Amazon Pay in India.

WhatsApp is the most popular messaging platform across the globe with 200 million active subscribers in India and 1.2 billion users globally. While this would increase a headache for domestic digital payment players such as Paytm and MobiKwik, it will definitely go a long way in achieving the government's set target of hitting 25 Bn digital payments transactions mark in 2017-18. Last year, the volume of digital payments was 9.2 billion of which 3.5 billion had been contributed by the NPCI. This year, it is aiming to contribute about 11 Bn digital transactions.

Not wishing to give any timeline for the RBI approval to come, Hota said they will also have to look apart from technical things.

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