New Delhi: WhatsApp on Friday said it is rolling out its payments services in India after receiving nod from the National Payments Corporation of India (NPCI).
In 2018, the Facebook-owned company had started testing its UPI-based payments service in India, which allows users to utilise the messaging platform to send and receive money. The testing was limited to about a million users as it waited for regulatory approvals to come in.
On Thursday, NPCI - which runs the Unified Payments Interface (UPI) used for real-time payments between peers or at merchants' end while making purchases - allowed WhatsApp to start its payments service in the country in a "graded" manner, starting with a maximum registered user base of 20 million in UPI.
"Starting today, people across India will be able to send money through WhatsApp. This secure payments experience makes transferring money just as easy as sending a message. People can safely send money to a family member or share the cost of goods from a distance without having to exchange cash in person or going to a local bank," WhatsApp said in a blogpost.
It added that the payments feature has been designed in partnership with NPCI using UPI, an India-first, real-time payment system that enables transactions with over 160 supported banks.
In June this year, WhatsApp had launched 'WhatsApp Pay' in Brazil - making it the first country where the service was widely rolled out.
In India, WhatsApp - which counts India as its biggest market with over 400 million users - will compete with players like Paytm, Google Pay, Walmart-owned PhonePe and Amazon Pay.
"Payments (service) on WhatsApp is now available for people on the latest version of the iPhone and Android app... We're excited to join India's campaign to increase the ease and use of digital payments, which is helping expand financial inclusion in India," it said adding that users will need to have a bank account and debit card in India to send money through the platform in India.
WhatsApp said it is working with five banks in India - ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank - and people can send money on WhatsApp to anyone using a UPI supported app.
"In the long run, we believe the combination of WhatsApp and UPI's unique architecture can help local organisations address some of the key challenges of our time, including increasing rural participation in the digital economy and delivering financial services to those who have never had access before," it added.
WhatsApp noted that its payments service is designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment.
"There is no fee... because its WhatsApp, you know its secure and private too. With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses that's the backbone of the Indian economy," Facebook CEO Mark Zuckerberg said in a video message.
He added that the payments service will be available in 10 Indian language versions of WhatsApp.
Interestingly, the approval for WhatsApp came on the same day as NPCI limited a single third party like WhatsApp or its rivals like Google Pay or Walmart's PhonePe to handle only 30 per cent of overall UPI transaction volumes by putting a cap. This is expected to allay fears of potential monopolisation.
Recently, PhonePe had announced crossing the 250 million registered user milestone and over 100 million monthly active users (MAU), and had 835 million UPI transactions in October with a market leading share of over 40 per cent.
Google had 67 million monthly active users in September last year, and on the merchant side, it had over three million active merchant's data for June 2020. Google Pay has not shared any updated stats since September 2019.
UPI processed over 2.07 billion transactions in October (worth Rs 3.86 lakh crore), up from over 1.8 billion in the previous month, as per data from NPCI.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Mumbai: Dhanya Rajendran, co-founder, and editor-in-chief of The News Minute, has been honored with the 2022 National RedInk Award for 'Journalist of the Year' by the Mumbai Press Club. She received this recognition for leading her team in exposing the tampering of voter data in Karnataka ahead of the 2023 Assembly elections. Independent journalist Sharad Vyas has also been awarded the 'Journalist of the Year.'
The Journalist of the Year Award, an accolade for outstanding journalism in 2022, is a key component of the Redink Awards for Excellence in Journalism, instituted by the Mumbai Press Club 12 years ago. Past recipients include prominent journalists like Srinivasan Jain of NDTV 24X7, Ravish Kumar of NDTV India, Raj Kamal Jha of Indian Express, Faye D’Souza of Mirror Now, and the late Danish Siddiqui of Reuters.
The Mumbai Press Club stated, “Dhanya led a team of journalists who did a series of investigations during the Karnataka elections that confirmed what had been suspected all along – that the election process in India is not always free and fair.”
In November 2022, Dhanya spearheaded The News Minute’s investigation into electoral data fraud in Karnataka, uncovering malpractices ahead of the 2023 elections. The investigation prompted the Election Commission to order a review of voter lists in three constituencies in Bengaluru and led to the arrest of Krishnappa Ravikumar, the director of Chilume, the NGO behind the voter data fraud. Subsequently, the local government prohibited private organizations from collecting voter data.
The Mumbai Press Club’s statement noted, “The investigation uncovered a working prototype of how the electioneering process can be tampered with and then illustrated it through one constituency in Bengaluru to show how voter data was being manipulated.”
Dhanya, with over 20 years of journalism experience, has covered significant and overlooked news stories from South India throughout her career. Her focus on women’s rights, child sexual abuse, politics and elections, climate disasters, and human rights has garnered attention for several important stories at a national level.
Co-recipient of the 'Journalist of the Year' award, Sharad Vyas, "unearthed and published how the Indian Government's Intelligence Bureau imported the spy software Pegasus from an Israeli company, which had been officially denied all along."
Veteran journalist, columnist, and author Neerja Chowdhury received the RedInk 'Lifetime Achievement' award "for her contribution of over four decades as a reporter and analyst of political affairs and government."
The awards ceremony took place at the Royal Opera House in Mumbai on Saturday, December 2, where the honors were presented by Swantatra Senani GG Parikh and former Additional Solicitor General of India Indira Jaising.