WhatsApp starts payment service in India
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.
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Heatwave scorches Odisha, Jharsuguda reels under 43.6 degrees C
Bhubaneswar (PTI): Heatwave conditions scorched Odisha on Tuesday, with the IMD forecasting that hot and humid conditions would continue in parts of the state.
The IMD’s Bhubaneswar centre said Balasore, Bhadrak, Jajpur, Kendrapara, Cuttack, Jagatsinghpur, Puri, Khurda, Nayagarh, Ganjam and Gajapati districts were likely to experience hot and humid conditions on April 22.
It also predicted thunderstorms accompanied by lightning and gusty surface winds in parts of Mayurbhanj, Keonjhar, Puri, Khurda, Nayagarh, Ganjam, Gajapati, Rayagada and Koraput, among others.
On Tuesday, 18 places across Odisha recorded maximum temperatures of 40 degrees Celsius or above. The industrial town of Jharsuguda was the hottest in the state at 43.6 degrees Celsius.
Sambalpur and Titlagarh recorded 42.5 degrees Celsius each, followed by Hirakud at 42.4 degrees, Bolangir at 42.2 degrees and Angul at 42.1 degrees.
The twin cities of Bhubaneswar and Cuttack recorded 37.9 degrees Celsius and 38.8 degrees Celsius, respectively, with relative humidity levels remaining above 70 per cent.
Meanwhile, the state government directed all district education officers to conduct a Summer Learning Programme for students till class 8 in government schools during the summer vacation.
Officials said students would be given practice assignments along with audio-visual learning content.
Subject-wise assignment sheets have been prepared, while related digital material will be shared through school parents' WhatsApp groups using a chatbot system, they said.
