Axis Bank to soon process payments over WhatsApp

Remigio Civitarese
Marzo 14, 2018

The platform enables any user with a UPI ID to send money to other users with UPI IDs directly from individual and group chats on the app. Also, if the recipient didn't have a WhatsApp payment account, the sender would then be shown the option to send it to a UPI ID directly. The feature is now available on the stable version (v2.18.31) on iPhone, and is also available on the WhatsApp beta (v2.18.75) on Android.

When the practical application of this service kicks off, the bank will become one of the first in the country to begin full processing of payments through UPI-based Whatsapp Payments. "We are working in terms of creating a differentiated environment for our customers", Axis Bank Executive Director -Retail Banking, Rajiv Anand news Agency PTI.

"We are also working with partners like Google, WhatsApp, Uber, Ola and Samsung pay to be able to create the ecosystem for customers to be able to make payments", he said.

The scramble to get on to UPI-based payments systems is being primarily driven by the potential for growth seen in the segment and, according to Axis Bank, they have already become market leaders with a 20 per cent market share in the UPI space.

The new feature can be accessed by going into the WhatsApp app Settings Payments Send Payment Send to UPI ID (on top of the contacts list).

In order to configure the feature, users must first verify their phone number via SMS and then choose a bank. Now, users are reporting a "more visible" placement of the Send to UPI ID feature that allows users to directly send across payments to unique UPI IDs without going into conversation threads.

According to WhatsApp privacy policy, users will have to agree to the Payments Terms when they decide to use the feature. Their bank partners (like Axis Bank) help them in fund transfers.

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