WhatsApp UPI payment feature to be integrated in the near future

WhatsApp has been in talks with State Bank of India (SBI) and other financial institutions to integrate United Payments Interface (UPI) into the messaging platform. A report published by The Economic Times states that WhatsApp has started discussions with Indian banks and other institutions to allow their users to pay through WhatsApp UPI payment feature. WhatsApp is currently the most used messaging app and is reportedly used by more than 200 million users. Including the payment service on the platform will certainly make the transfer process very convenient for users.

With this traffic, WhatsApp aims to facilitate the instant transfer of funds between two bank accounts through the app's UPI payment feature. By highlighting more about Facebook's proprietary messaging platform initiative (WhatsApp), an official from State Bank of India said: “Given the complexity of the structure, WhatsApp is in talks with State Bank of India (SBI), NPCI and some other banks to devise it. Ways to integrate your systems with the bank and with NPCI. The SBI official also said: "We are in the 'proof of concept' stage right now, looking for ways to integrate it with our backend."

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In addition to the SBI, WhatsApp is also in talks with National Payments Corporation of India (NPCI) and some other financial institutions to allow users to make easy payments and transfer money online to bank accounts through the app. NPCI also says WhatsApp is supposed to have initial talks with several Indian banks to integrate UPI into its program. While WhatsApp aims to allow instant and easy transfer of its users, financial institutions are focused on making the entire payment transfer process safe.

"UPI immediately liquidates funds between one account holder and another. WhatsApp will determine the recipient and the UPI layer will allow the funds to be settled between both parties," says senior executive of a private bank.  "Some security protocols about payments must be implemented through WhatsApp. If it decides to use Aadhaar, we'll have to enable biometric authentication," says another official.





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