Hike Messenger was India’s first messenger app to integrate UPI on its app, and soon we heard about WhatsApp looking to get approval from National Payments Corporation of India to allow in-app payments. UPI payments are extremely beneficial because they’re P2P and do not require a digital wallet.
According to reports, NPCI has given a nod to WhatsApp to enable app payments. This move is going to revolutionise the way people use WhatsApp right now. It will not longer be a messenger, it can be used to transfer money to friends and families directly to their bank accounts.
“We have permitted multi-bank partnership as Whatsapp did not want all transactions routed via one bank when payment loads are high. They are now talking actively to leading banks now,” AP Hota, MD and CEO at NPCI said. The final approval now is for RBI to give, after which WhatsApp can quickly allow UPI on its app.
Uber and Amazon, two global giants, have already received approval from RBI to allow UPI on their apps and website, and Uber is going to have UPI integrated by the end of this month.
This integration will be through BHIM app, and if this happens then the driver partners will not have to wait for Uber to send it money. The money will be directly transferred from rider’s bank account to Uber’s bank account. This also means that Paytm’s usage is at a threat since you don’t need an e-wallet anymore.
Uber’s rival in India, Ola has already added support for UPI. UPI is cashless and secure unlike wallet or card transactions and doesn’t take much time either.
Amazon is also planning to enter packaged food industry in India and has been looking at integrating UPI on its app and website. The company hasn’t released any plans on this, but there will be a separate app with UPI integration for payments.
Cashless transactions have been gaining pace in India, and UPI is an easy alternative to mobile wallet payments, plus more secure than card transactions. Moreover, you don’t have to keep reminding yourself to top up your wallet balance every time it is low. All you would need is the unique UPI number and a pin generated to authenticate the transaction.
If you’re an avid Uber user, keep a lookout for the official announcement by Uber, integrating UPI on their app. It will make your ride payments much quicker and easier. Other giants like Google and Amazon are still working on offering the best deal to customers but will come around soon.
Source: ET