WhatsApp Pay now supports SBI, HDFC, ICICI and other banks: Here’s what that means
WhatsApp formally launched WhatsApp Pay in India last month. Now, nearly over a month later, the company has announced that it is partnering with a host of banks in India to enable a wider roll of the service in the country.
The Facebook-owned messaging platform that has around 400 million users in India said that it is partnering with four new banks, which includes State Bank of India, HDFC Bank, ICICI Bank and Axis Bank for expanding the scope of WhatsApp Pay in India.
This means that now, WhatsApp users will be able to use their SBI, HDFC Bank, ICICI Bank or Axis Bank accounts to make payments using WhatsApp Pay, which is in addition to other banks, such as Airtel Payments Bank, that the service already supported.
“We’re excited and privileged to partner with State Bank of India, ICICI Bank, HDFC Bank and AXIS Bank to bring simple and secure digital payments to WhatsApp users across India. UPI is a transformative service and we jointly have the opportunity to bring the benefits of our digital economy and financial inclusion to a large number of users who have not had full access to them before,” Abhijit Bose, Head of WhatsApp, India said while making the announcement.
For those of you who aren’t sure, WhatsApp Pay is a digital payments platform launched by WhatsApp. It uses the National Payments Corporation of India’s (NPCI) Unified Payment Interface (UPI) system to enable WhatsApp users to transfer money to one another. This not only includes peer-to-peer payments, like the one between you and your friend or family members but also between you and a business, say between you and your nearest kirana store.
In addition to this, WhatsApp also announced that the State Bank of India will now offer UPI services through the WhatsApp Payments.