Axis Bank to process payments over WhatsApp soon

Bengaluru: India's third largest private sector bank Axis Bank has said it would soon be able to process payments over the popular chatting application 'WhatsApp'.

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. The Whatsapp Payments feature will allow the instant messaging app users to send and receive money from within the app, similar to that of Paytm, Mobikwik and other payments services.

"...WhatsApp is currently running the beta version, the full version should...We are hoping is, will come with in the next month or two," a bank official said.

The bank also termed the Unified Payment Interface (UPI) as a "huge oppertunity".

"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," 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.

According to Bank officials, Axis Bank enjoys 20 percent 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 digital payments in beta

Beta testers have now found their WhatsApp interface displaying a large list of supported banks and they can see a payments feature appear in their WhatsApp Settings menu.

In order to configure the feature, users must first verify their phone number via SMS and then choose a bank.

After the completion of the configuration, the option to send a payment becomes available.

According to WhatsApp privacy policy, users will have to agree to the Payments Terms when they decide to use the feature.

The terms and conditions said that WhatsApp is not a licensed financial institution, do not receive, transfer, or store any funds in connection with Payments, and are not responsible for UPI service interruptions or acts or omissions of PSPs or your bank including the payment, settlement, and clearance of funds.

 

With PTI Inputs