Axis Bank to integrate WhatsApp’s UPI-based payment feature soon
The bank is also working with Google, Uber, Ola and Samsung to create an ecosystem for digital payments.
Axis Bank will soon start processing payments over the popular instant messaging application WhatsApp. The bank is also looking to partner with other tech companies such as Google, Uber, Ola and Samsung for digital payments.
Describing Unified Payment Interface as "huge opportunity", Axis Bank Executive Director -Retail Banking, Rajiv Anand said, "UPI we are the market leaders in terms of innovation, and we do believe that UPI is a huge opportunity. We are working in terms of creating a differentiated environment for our customers."
"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.
According to Bank officials, Axis Bank enjoys 20% market share in the UPI space.
Stating that Google Tez is already up and running, Anand in response to a question about the roll-out said, "WhatsApp, we are in the process of integration."
"...WhatsApp is currently running the beta version, the full version should...we are hoping is, will come within the next month or two."
Axis Bank said its mobile banking spends touched ₹51,030 crore in Q3 FY18, increasing 71% YoY, thereby reinforcing the Bank's commitment to accelerate the 'Digital India' agenda.
It said over 66% of the Bank's transactions were made through 'digital modes' in Q3 FY18 as against 52% in Q1 FY17.
According to officials, the Bank's focus on cards, both credit and debit, also continues to remain high with Axis continuing to be the market leader in installing 'card-acceptance terminals'. As of Q3 FY18, the number stood upwards of 479,200.
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